Cryptocurrency-focused lender Silvergate Capital warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern on Wednesday, sending its shares down by more than a quarter in after-hours trading.
for the fourth quarter as investors raced to withdraw deposits in the wake of crypto exchange FTX's bankruptcy, and the firm's troubles highlight the fragility of confidence in digital assets.
The company said it would be unable to meet an extended March 16 deadline for submitting its annual report. It also said, in a filing to the Securities and Exchange Commission, that it had sold additional debt securities to repay debts this year and that further losses mean the bank could be "less than well capitalized".
Silvergate "is evaluating the impact that these subsequent events have on its ability to continue as a going concern," it said. "The Company is currently in the process of re-evaluating its businesses and strategies in light of the business and regulatory challenges it currently faces."
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