Silvergate Capital Corp. SI, -5.76% shares plunged 30% in after-hours trading Wednesday after the company said it intended to wind down operations and voluntarily liquidate its subsidiary Silvergate Bank, a crypto-friendly lender. The liquidation plan includes full repayment of all deposits, according to Silvergate.
The company is considering the best way to resolve claims and preserve the residual value of its assets, it said. Silvergate Capital’s all other deposit-related services remain operational, according to the company. The company has hired Centerview Partners as financial advisor and Cravath, Swaine & Moore LLP as legal advisor, it said.