Silvergate shares soared after the open, and Coinbase traded down as the Nasdaq 100 was higher. 

Shares in the crypto-friendly bank were up 11% to $15.25 by 11:30 a.m. EST, according to Nasdaq data. Silvergate revealed after the close on Friday that the bank's deposit relationship with recently bankrupt crypto lender Genesis was less than $2.5 million. 

SI chart by TradingView

Last week, Silvergate shared its fourth-quarter earnings, showing a $1 billion loss. Despite the loss, some analysts remain firm on the stock.

"No other bank could survive a 70% reduction in deposits and still have positive book value, more cash than core customer deposits, and be well-capitalized," KBW analysts wrote in a recent report.

Overall, KBW still maintains Silvergate is stabilizing and has updated its price target to $25 from $38. The investment bank's outlook is based on several assumptions, including a continuation of the "moderate crypto winter."

The downturn in prices should normalize from current levels as the regulatory landscape and the backlash surrounding FTX and other crypto-focused insolvencies continue to unfold, analysts said.

Elsewhere, MicroStrategy was flat, trading around $240. Jack Dorsey's Block was trading above $79, up 3.8%, and shares in Coinbase dipped 1.3%, to trade around $54.40.