Near 50% fall in Silvergate’s shares over FTX exposure prompts survival doubts
by Alex Hern Technology editor from Technology | The Guardian on (#69CYX)
Stock price of crypto-focused US bank plummeted in Thursday trading and it is assessing its ability to keep going
The share price of cryptocurrency-focused US bank Silvergate plummeted by nearly 50% in early trading on Thursday after fresh revelations about the extent of its exposure to the collapse of crypto exchange FTX raised questions about its ability to survive.
On Wednesday, it delayed publication of its annual report and announced a fresh sale of assets to repay debts, while warning that it was assessing its ability to continue as a going concern" in a filing with the SEC, the US financial markets regulator.
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