Silvergate faces crisisHappened on March 2nd, 2023Silvergate is a US bank that shifted its business toward primarily serving crypto clients. Following the collapse of FTX, there have been concerns over Silvergate's exposure to the losses experienced within the crypto industry. Short sellers piled in, making Silvergate the most shorted stock in late February.
Silvergate’s stock (SI) was trading at $13.53 at the closing bell Wednesday, but plunged as much as 31.7% on the tail of the news in after-hours trading, dipping well below $10.
