Silvergate sinks almost 50% to all-time low, Coinbase and Signature slide

Quick Take

  • Silvergate was trading below $7 by 9:45 a.m. EST, down almost 50% since the close on Wednesday.
  • Coinbase dipped 6%, and Signature dropped 5%. 

Silvergate plummeted after saying it may be "less than well-capitalized" in a Securities and Exchange Commission filing on Wednesday. The news sent other crypto-related stocks lower.

Silvergate shares were trading at $6.92, down 48% by 9:45 a.m. EST, according to TradingView data. Coinbase said it is no longer accepting or initiating payments to or from the crypto-friendly bank. 

Silvergate told the Securities and Exchange Commission it may be “less than well-capitalized" and said it was “reevaluating its business." Shares plummeted after the close, trading around $9 in post-market trading.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

KBW analysts led by Michael Perito downgraded the stock to market perform from outperform on Tuesday, citing "increasingly limited visibility." JPMorgan and Canaccord Genuity also downgraded the bank this week. 

Silvergate remains one of the most shorted stocks on Wall Street, according to NYSE data via MarketWatch. Around 71% of outstanding shares were sold short as of Feb. 15.

Coinbase shares were down by 8% to trade below $60, while shares in Signature Bank slipped 5% to about $106. Signature's Signet could be considered an alternative to Silvergate's SEN network. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Adam Morgan is a reporter covering cryptocurrency, financial markets, and economics – anything from price movements, earnings reports, and inflation to the U.S. Federal Reserve interest rate decisions and everything in between. Adam is based in London.


To contact the editors of this story:
Christiana Loureiro at
[email protected]
Larry DiTore at
[email protected]