Silvergate's share price plunged over 30% in post-market trading following news that its business could be on shaky ground.
Silvergate, a prominent crypto-friendly bank, couldn’t file its annual financial report on time and told the SEC that it may be “less than well-capitalized.”
Silvergate, a large bank for fintech and crypto, said it would not be able to file its annual financial report on time. It noted that it expected to “record further losses related to“The company is currently in the process of reevaluating its businesses and strategies in light of the business and regulatory challenges it currently faces,” Silvergate said.
"Our market perform rating reflects increased patience, particularly after the bounce back in the shares off the lows of nearly $10," the analysts said. The expected 10-K"could possibly include some incremental year-end commentary.”
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