Cryptocurrency Analysis and News Portal
Crypto-focussed Silvergate Bank's Q4 net income dipped nearly 9% to $21.4 million from $23.5 million in Q3.The bank's digital currency customers grew to 1,381 at the end of December from 1,305 at the end of September, according to an announcement on Tuesday.Average digital currency customer deposits also increased to $13.3
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Silvergate Bank is looking to raise around $461 million through sale of 3.31 million shares of common stock.The crypto-focused bank estimates that net proceeds will be around $532 million if underwriters exercise their option to purchase additional shares in full, according to a filing Wednesday.The shares will be priced at
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Major cryptocurrency exchange Crypto.com continues expanding its crypto on-ram and off-ramp solutions with a new partnership with the California state-chartered bank Silvergate.Crypto.com announced on Tuesday that it is working with Silvergate to allow institutional clients to deposit and withdraw from the exchange using the U.S. dollar (USD).According to the announcement,
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“Silvergate’s status as the pure-play bank of the crypto ecosystem, has led to the creation of a bank not only with superior growth potential, but also that operates with one of the highest quality balance sheets in the industry,” JPMorgan analyst Steven Alexopoulos said in a note to clients. Original Source
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“As the stablecoin market continues to develop, with more formalized rules around governance, risk management and structure, it could provide sizable upside potential to our Silvergate earnings per share (EPS) estimates, particularly if Silvergate is able to monetize their relationships with the stablecoin issuers,” Morgan Stanley analyst Ken Zerbe wrote
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Marathon Digital Holdings, a U.S.-based crypto mining company, has secured a $100 million revolving line of credit with Silvergate Bank using USD and Bitcoin.According to information provided by Marathon Digital, the mining firm obtained the $100 million credit line from the crypto-friendly bank on Oct. 1. The company will use
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Marathon Digital Holdings has secured a $100 million revolving line of credit with Silvergate Bank in bitcoin and U.S. dollars.The loan, which was secured on Friday, will be used to fund the company’s mining operations and to acquire new equipment.It will be available for one year and can be renewed
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“Given the wide range of outcomes, both in terms of its growth potential and meaningful risk factors, SI has the widest risk-reward skew of our coverage, with a $300 bull case (189% upside) and a $40 bear case (61% downside,” Zerbe wrote, referring to Silvergate’s ticker symbol. Source
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Silvergate Bank added $586 million in new deposits from firms and individuals in the cryptocurrency industry in the third quarter of 2020, according to an earnings report released before market-open on Monday.The cost of those deposits dropped from 0.37% down to 0.01% and the bank’s fee income for digital currency
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All-time transaction volume on the Silvergate Exchange Network (SEN) has reached $100 billion, with SEN transactions correlated to bitcoin and stablecoin trading.The La Jolla, Calif.-based Silvergate Bank has seen a significant adoption of the payments platform, which is open 24/7 to offer fiat on-ramps for the crypto markets. For full
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