Silvergate Capital stock tanks as company plans to wind down its crypto-friendly bank

Silvergate Capital Corp. SI shares plunged more than 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 La Jolla,... Silvergate Capital Corp. SI shares plunged more than 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 company is considering the best way to resolve claims and preserve the residual value of its assets, Silvergate Capital said. All of the company’s other deposit-related services remain operational, it said.

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Silvergate Capital shares tank after company announces plan to wind down bankSilvergate Capital Corp. shares plunged 30% in after-hours trading Wednesday after the company said it intended to wind down operations and voluntarily...
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