Silvergate Capital Corporation
SI-PA
New York Stock Exchange9.97
USD
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Silvergate Capital Corporation
SI-PA
(New York Stock Exchange)
Recent
price
9.97
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Silvergate Capital Corporation, the holding company for the now-defunct Silvergate Bank headquartered in La Jolla, California and founded in 1988, operates in bankruptcy proceedings following the voluntary liquidation of its banking subsidiary. Silvergate Bank previously provided specialized banking products and services to businesses and individuals, particularly in the fintech and digital asset sectors; these included interest- and noninterest-bearing demand deposit accounts, money market and savings accounts, certificates of deposit; one-to-four family real estate loans, multi-family real estate loans, commercial real estate loans, construction loans, commercial and industrial loans, mortgage warehouse loans, reverse mortgage loans, consumer loans, and loans secured by personal property; the proprietary Silvergate Exchange Network (SEN) for 24/7 real-time U.S. dollar transfers among digital currency exchanges and investors; institutional-grade custody and settlement solutions for digital assets; lending and credit facilities for digital asset firms; and API-based payment platforms. The bank served over 1,600 clients including cryptocurrency exchanges, hedge funds, and payment platforms primarily in the United States, with a focus on the digital currency industry representing approximately 70% of its customer base. In early March 2023, Silvergate Bank commenced an orderly wind-down of operations and voluntary liquidation without government assistance due to a massive deposit run triggered by the FTX collapse and crypto market downturn, fully repaying all customer deposits by November 2023 and surrendering its bank charter; the Federal Reserve terminated its related enforcement action in July 2024 after confirming completion of the liquidation process that protected depositors. Silvergate Capital filed for Chapter 11 bankruptcy in September 2024 in Delaware to resolve remaining claims and preserve residual asset value including proprietary technology and tax assets; a $37.5 million securities class action settlement received final court approval in September 2025, addressing allegations of misleading statements on customer vetting and anti-money laundering programs tied to FTX exposure. A reorganization plan filed in September 2024 proposes full cash payment of administrative, secured, professional fee, priority tax, subordinated notes, and general unsecured claims up to $10 million for certain litigation classes, with common stock interests to be cancelled.