Shares in Silvergate hit a record low of $4.86 on Friday, shedding nearly 98% of their value since their record close in November 2021 and wiping out more than $7 billion from the company's market capitalization.
The firm has been struggling to stay afloat after the collapse of Sam Bankman-Fried's crypto exchange, FTX, in November drove investors to pull out $8 billion in deposits from the bank in the last three months of the year.Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva
Gotta diversity that portfolio with some NFTs bro.
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