Silvergate Capital Might Be Going Out of Business, So Why Are Shares Blasting Higher Today?

Motley Fool2023-03-24

What happenedShares of Silvergate Capital (SI 80.97%) have skyrocketed today, despite the fact that the crypto bank announced earlier in March that it plans to wind down its operations and liquidate ...

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欣辰
2023-03-25
欣辰
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As of 12:07 p.m. ET, the stock was up 63%.So whatSilvergate is one of three U.S. banks that collapsed earlier this month. The bank ran a real-time payments network that allowed multiple parties on the network to clear and settle U.S. dollar transactions in real time. This helped facilitate crypto trading and crypto-related transactions because the U.S. banking system largely operates on a lag. However, when the allegations about FTX came to light, Silvergate faced a crisis of confidence because FTX had been a large client. The bank saw intense deposit outflows in the fourth quarter of 2022 and in Q1 of this year, forcing it to sell bonds while they were trading at a meaningful loss, which wiped out a significant portion of shareholder equity. Silvergate also appears to be facing potential regulatory issues.Why shares are moving so intensely today is a bit of a mystery but there are a few possibilities. 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There is also a chance that regulatory charges in the future impact any liquidation amount, so I'd recommend avoiding the stock.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":659382914,"gmtCreate":1679702189739,"gmtModify":1679702191066,"author":{"id":"3577179492463426","authorId":"3577179492463426","name":"欣辰","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3577179492463426","authorIdStr":"3577179492463426"},"htmlText":"好的","listText":"好的","text":"好的","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/659382914","repostId":2322145078,"repostType":2,"repost":{"id":"2322145078","kind":"highlight","pubTimestamp":1679633220,"share":"https://www.laohu8.com/m/news/2322145078?lang=&edition=full","pubTime":"2023-03-24 12:47","market":"us","language":"en","title":"Silvergate Capital Might Be Going Out of Business, So Why Are Shares Blasting Higher Today?","url":"https://stock-news.laohu8.com/highlight/detail?id=2322145078","media":"Motley Fool","summary":"The crypto bank announced earlier this month it would wind down its operations and liquidate its assets.","content":"<html><body><div><h2>What happened</h2><p>Shares of <strong><a href=\"https://laohu8.com/S/SI\">Silvergate Capital</a></strong> <span>(SI<span> 80.97%</span>)</span> have skyrocketed today, despite the fact that the crypto bank announced earlier in March that it plans to wind down its operations and liquidate its assets after experiencing a significant deposit run over the last several months. As of 12:07 p.m. ET, the stock was up 63%.</p><h2>So what</h2><p>Silvergate is one of three U.S. banks that collapsed earlier this month. The bank ran a real-time payments network that allowed multiple parties on the network to clear and settle U.S. dollar transactions in real time. This helped facilitate crypto trading and crypto-related transactions because the U.S. banking system largely operates on a lag. </p><p>However, when the allegations about FTX came to light, Silvergate faced a crisis of confidence because FTX had been a large client. The bank saw intense deposit outflows in the fourth quarter of 2022 and in Q1 of this year, forcing it to sell bonds while they were trading at a meaningful loss, which wiped out a significant portion of shareholder equity. Silvergate also appears to be facing potential regulatory issues.</p><div><app :collapse_on_load=\"false\" :instrument_id=\"341970\" :show_benchmark_compare=\"false\" amount_change=\"0.92\" average_volume=\"16,823,633\" company_name=\"Silvergate Capital\" current_price=\"2.04\" daily_high=\"2.14\" daily_low=\"1.10\" default_period=\"FiveYear\" dividend_yield=\"N/A\" exchange=\"NYSE\" fifty_two_week_high=\"162.65\" fifty_two_week_low=\"1.10\" gross_margin=\"0.00\" logo=\"https://g.foolcdn.com/art/companylogos/mark/SI.png\" market_cap=\"$36M\" pe_ratio=\"0.36\" percent_change=\"80.97\" symbol=\"SI\" volume=\"99,219,871\"></app></div><p>Why shares are moving so intensely today is a bit of a mystery but there are a few possibilities. For one, Silvergate was one of the most heavily shorted stocks on the market prior to announcing it would wind down operations. Perhaps more shorts are covering, which is leading to a short squeeze of sorts.</p><p>I've also seen some rumors on social media -- nothing that has been confirmed -- that the company may be able to sell some of its technology assets like its payment network and the Diem stablecoin technology it had purchased from <strong><a href=\"https://laohu8.com/S/META\">Meta Platforms</a></strong>. This may increase the liquidation scenario for preferred and common shareholders. Earlier this month, analysts at Wedbush had estimated that Silvergate had a liquidation value of $5 per share.</p><div><div></div></div><h2>Now what</h2><p>Ultimately, I don't know what is driving shares of Silvergate so aggressively higher today. I think messing around with a stock like this is going to be extremely risky unless you really feel confident about your liquidation scenario. There is also a chance that regulatory charges in the future impact any liquidation amount, so I'd recommend avoiding the stock.</p><div></div></div></body></html>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Silvergate Capital Might Be Going Out of Business, So Why Are Shares Blasting Higher Today?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSilvergate Capital Might Be Going Out of Business, So Why Are Shares Blasting Higher Today?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-24 12:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2023/03/24/silvergate-capital-might-be-going-out-of-business/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>What happenedShares of Silvergate Capital (SI 80.97%) have skyrocketed today, despite the fact that the crypto bank announced earlier in March that it plans to wind down its operations and liquidate ...</p>\n\n<a href=\"https://www.fool.com/investing/2023/03/24/silvergate-capital-might-be-going-out-of-business/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F725831%2Fgeneric-upward-9.jpg&op=resize&w=165&h=104","relate_stocks":{"BK4211":"区域性银行"},"source_url":"https://www.fool.com/investing/2023/03/24/silvergate-capital-might-be-going-out-of-business/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2322145078","content_text":"What happenedShares of Silvergate Capital (SI 80.97%) have skyrocketed today, despite the fact that the crypto bank announced earlier in March that it plans to wind down its operations and liquidate its assets after experiencing a significant deposit run over the last several months. As of 12:07 p.m. ET, the stock was up 63%.So whatSilvergate is one of three U.S. banks that collapsed earlier this month. The bank ran a real-time payments network that allowed multiple parties on the network to clear and settle U.S. dollar transactions in real time. This helped facilitate crypto trading and crypto-related transactions because the U.S. banking system largely operates on a lag. However, when the allegations about FTX came to light, Silvergate faced a crisis of confidence because FTX had been a large client. The bank saw intense deposit outflows in the fourth quarter of 2022 and in Q1 of this year, forcing it to sell bonds while they were trading at a meaningful loss, which wiped out a significant portion of shareholder equity. Silvergate also appears to be facing potential regulatory issues.Why shares are moving so intensely today is a bit of a mystery but there are a few possibilities. For one, Silvergate was one of the most heavily shorted stocks on the market prior to announcing it would wind down operations. Perhaps more shorts are covering, which is leading to a short squeeze of sorts.I've also seen some rumors on social media -- nothing that has been confirmed -- that the company may be able to sell some of its technology assets like its payment network and the Diem stablecoin technology it had purchased from Meta Platforms. This may increase the liquidation scenario for preferred and common shareholders. Earlier this month, analysts at Wedbush had estimated that Silvergate had a liquidation value of $5 per share.Now whatUltimately, I don't know what is driving shares of Silvergate so aggressively higher today. I think messing around with a stock like this is going to be extremely risky unless you really feel confident about your liquidation scenario. There is also a chance that regulatory charges in the future impact any liquidation amount, so I'd recommend avoiding the stock.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322145078"}