.silvergatebank was downgraded by jpmorgan and Canaccord amid doubts about the crypto bank's solvency after it delayed the publication of its 2022 results. By willcanny99.
The crypto-friendly bank said it needed to delay the filing of its annual 10-K for the 2022 fiscal year, and would take an additional two weeks to complete it.
Silvergate’s rating was also downgraded to “Hold” from “Buy” by Canaccord Genuity. The broker also cut its price target on the stock to $9 from $25. “With the company having sold additional securities as a loss in January/February, this reflects that the company is facing continued liquidity challenges,” JPMorgan analysts led by Steven Alexopoulos wrote.has shaken the crypto market, with Silvergate directly impacted as the bank had around $1 billion of deposits from the now defunct exchange at the time of collapse, the report said.
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