Silvergate Capital Corporation
SICP
Other OTC0.38
USD
-0.02
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Silvergate Capital Corporation
SICP
(Other OTC)
Recent
price
0.38
P/E
ratio
- -
div
yld
- -
ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Silvergate Capital Corporation operates as a bank holding company primarily serving the digital asset industry. The company provides a comprehensive range of financial products and services including deposit accounts such as interest and non-interest bearing demand accounts, money market accounts, savings accounts, and certificates of deposit; loan products including one-to-four family real estate loans, multi-family and commercial real estate loans, construction loans, commercial and industrial loans, mortgage warehouse loans, reverse mortgage loans, and consumer loans secured by personal property. Central to its offerings is the Silvergate Exchange Network (SEN), an API-based payment platform enabling real-time, 24/7 transfers and same-day settlement primarily for cryptocurrency exchanges, institutional investors, and digital asset businesses. Silvergate also delivers institutional-grade custody and settlement solutions facilitating secure transactions and safeguarding of digital assets. Additionally, the company extends lending and credit services tailored specifically for digital asset firms, with a reported loan portfolio of approximately $1.1 billion as of late 2022. Geographically, Silvergate operates predominantly in the United States, with headquarters in La Jolla, California, and serves over 1,600 clients in the digital currency sector. Founded in 1988, Silvergate has undergone strategic transformations, notably shifting focus in 2013 towards servicing the cryptocurrency industry as one of the first banks to offer specialized digital asset banking solutions. It went public in 2019, trading on the NYSE under the symbol SI. The company has been recognized for its technology investments, including the 2022 acquisition of blockchain payment network assets from Diem, enhancing its stablecoin infrastructure. However, significant operational changes occurred in 2023 when Silvergate announced the intent to wind down operations and voluntarily liquidate Silvergate Bank due to evolving industry and regulatory challenges. This process involves full repayment of all deposits and an orderly liquidation that preserves residual asset value, including proprietary technology and tax assets. As part of this wind down, the Silvergate Exchange Network was discontinued, marking a substantial strategic shift from previous digital asset banking activities. Recent developments also include regulatory and legal challenges, highlighted by a 2024 SEC charge related to investor disclosures following the collapse of FTX, one of Silvergate’s major clients. In 2024, Silvergate filed for Chapter 11 bankruptcy protection to facilitate restructuring, reflecting ongoing financial and operational instability in the current market landscape. Despite this, Silvergate historically held a strong market position with assets peaking over $13 billion and deposits exceeding $11 billion before the wind-down announcement. The company’s client base consists mainly of cryptocurrency exchanges, institutional investors, and fintech companies, with a focus on innovative financial infrastructure solutions tailored for the digital currency ecosystem. Silvergate Capital Corporation’s key products and services include commercial banking services, digital currency-related banking and payment solutions, extensive loan portfolios across real estate and commercial sectors, and institutional-grade custody and settlement products. Its technology-driven approach includes the Silvergate Exchange Network for real-time payments, having built considerable infrastructure in blockchain and stablecoin technology through strategic acquisitions. However, the recent wind down and liquidation plans represent a major operational and strategic retraction from the digital asset industry it once strongly supported. Headquartered in La Jolla, California, Silvergate operates as a regulated financial institution under U.S. banking authorities, including the Office of the Comptroller of the Currency. The company remains focused on navigating its wind down process while exploring avenues to preserve asset value and address regulatory requirements connected to its historical business in the digital asset sector. Silvergate Capital Corporation was established in 1988 and has been a key player in the niche market of digital currency banking until its recent operational restructuring.
Defunct Silvergate Bank's owner settles with regulators over compliance lapses
US SEC sues Silvergate for securities fraud
SEC Charges Silvergate Capital, Former CEO for Misleading Investors about Compliance Program
Silvergate Capital Corporation Announces Full Repayment of Silvergate Bank's Remaining Deposit Liabilities
Silvergate announces departures of CEO, CFO, legal chief
Fed orders Silvergate to complete wind-down while protecting depositors, preserving cash