🦧 delaying earnings

Mar 3, 2023

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😢 feeling unconfident

silvergate capital (SI 0.00%↑), the parent company of silvergate bank (a crypto lender), announced that it is delaying its earnings
silvergate capital told the sec that it will not be able to file its 10-k (annual filing for 2022) by march 16

❓ what’s happening?

major crypto companies (i.e. coinbase, galaxy digital, circle, paxos, bitstamp, etc.) "stopped accepting or initiating payments to or from silvergate"
silvergate filed on wednesday that it is "currently analyzing certain regulatory and other inquiries and investigations"
- a.k.a. selling additional securities beyond what was previously anticipated = potentially unabe to meet its liquidity standards

💣 the aftermath

SI 0.00%↑ sank more than 55% on thursday and is down 67% ytd as of writing
bitcoin's down 6% in the past two days
other relevant tickers like COIN 0.00%↑ (coinbase) sank 10% briefly on thursday, but has recovered since then

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