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Silvergate sinks 32% as annual report filing delayed amid higher losses, regulatory probe

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Silvergate Capital (NYSE:SI) stock tumbled 31.7% after hours on Wednesday as the cryptocurrency-focused bank said it will delay filing its 2022 annual report on Form 10-K with the SEC, owing to additional losses incurred and regulatory scrutiny.

While the company is

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Comments (121)

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JunkBondage profile picture
Garlic..Holy Water....and Silver Stakes. Eventually we'll get through this.....
MyDivvyStocksFellAndCantGetUp profile picture
I just keep adding more on the way down

Wont say long or short, you figure it out

Go Crypto!
Arthur_Chivalri profile picture
What does it exactly mean "It is evaluating the impact of these events on its ability to continue as a going concern for the 12 months following its earnings report."

Does this mean they expect to file BK soon, or sometime within the next 12 months? So confusing..
@Arthur_Chivalri pretty much
Will104 profile picture

12 month going concern is a key sign of in your accounts that gets a lot of audit focus

It basically means you can’t be sure that you won’t go bankrupt in next 12 months

Eg a creditor has called in a loan and when it settles you’re likely to be bust

There’s min equity rules for banks, and if they’ve lost enough money and can’t satisfy them they’ll be wound down
Arthur_Chivalri profile picture
@Will104 Thanks for the explanation! Very helpful. So if $SI can secure maybe more capital inejction (in exchange of shareholder dilution ofc), then they still could stay afloat.

Quite suprised they repaid the FHLB so quickly - they apparently needed the liquitiy, yet thet had to repay - there must be a lot ongoing at the backstage.
Will104 profile picture
Many thanks 🙏 and prise to all those that have have pumped this piece of 💩

Allowing me to re-load my short

And while I can’t get more borrow

There’s still plenty of mugs letting me buy puts
@Will104 puts making a fortune
Ambient Insight profile picture
@Lord Gekko Sold our buying? The 6.50's puts expiring tomorrow are absolutely insane premium. 1123% annualized return with 15% downside protection. I've never seen anything like this. Nevertheless I some a giant block today.
MyDivvyStocksFellAndCantGetUp profile picture
@Ambient Insight when you posted this , those puts were 25 cents

they ripped to 80 cents 10 minutes later

i love SA
Chris Lau profile picture
Buy $HOOD. The FTX unwind is bullish.
Trade $COIN to $80.
$SBNY hyped. Avoid. It's next to fall.
Ra's al Ghul profile picture
could return to 8.- shortly. .
@Ra's al Ghul then right back down. Going lower it looks like.
It’s over.
Ra's al Ghul profile picture
@Moomoo22u2 the fall . .
Ra's al Ghul profile picture
The PM seems to stabilize at 7.4.-/7.5.- . .
@Ra's al Ghul it went sub $7 this morning. hold your horses
Coinbase just cut them off so I guess it is over here.
Economist 101 profile picture
Going to zero very zoon.
Ra's al Ghul profile picture
40% down, this garbage. . there has to be a short squeeze shortly. . no matter how crap it is. . While listed on a capital market, it is subject to speculative movements that occur in it. .y #SI will not be the exception to the rule. .
Will104 profile picture
@Ra's al Ghul

It probably won’t go to zero in a straight line

But no need to cover when the equity is wiped out
JunkBondage profile picture
@Ra's al Ghul Hoping for a short squeeze is wishful thinking. A short squeeze requires a significant segment of the investing public being optimistic and buying en masse. That’s not gonna happen with this mortally wounded beast in the last throes of its death scene.
Will104 profile picture

Either this Friday or next Friday FDIC covers the shorts with a liquidation like sale
L-S Tech profile picture
If Silvergate is shut down, does anyone know what the knock on effect for crypto would be?
@L-S Tech Nope. And that is a problem.

A big problem.
Wez profile picture
@L-S Tech

Not a good effect
Michael Bryant profile picture
@L-S Tech

"If Silvergate is shut down, does anyone know what the knock on effect for crypto would be?"

Which tells me $SI likely won't fail. Someone heavily invested in crypto will save them. $MSTR maybe, but I am sure there are other private equity funds, hedge funds, and billionaires in the crypto space that may be interested in $SI.
josephaoppenheim profile picture
Only 71% short interest, what’s to worry about?
Michael Bryant profile picture

Interesting that some 30% are still bullish on $SI. I think a savior will swoop in when $SI gets very low (maybe $1/share) and then the stock will surge to +$15/share.
It has fallen 95%. Hoe low can it fall. On the other hand it can 20x if it goes back to ATH
@Elon the GOAT It can fall another 100%
Xxfactor profile picture
@Elon the GOAT It can fall to zero
Will104 profile picture
@Elon the GOAT

It can go to zero

There’s no short cover rally if it’s bust
Economist 101 profile picture
Short all these crypto related banks!
So there is risk here. Big surprise. But what of the risk to fiat. The government printing presses run overtime for political reasons and debase the currency as a matter of course. Haven’t you watched an old TV show and guffawed when prices were mentioned? Like a single family house in 1953 worth $11,247 — $462,142 in today’s dollars! We’re not base 10 anymore; we’re base 4. Yes wages have gone up but it’s a cyclone and the people hurt are red-blooded American males. The reason people don’t have enough kids is the cost of raising the brats. We’re dying out, as a country. Culture too. Because fiat is treated with less respect than toilet paper. Crypto is the only possible answer.
Economist 101 profile picture
@Pmg1959 crypto is a liquidity trap
Xxfactor profile picture
@Pmg1959 Why just males fitst and second I you mean red blooded Americans of all races because we are all immigrants
RSI Raistlin profile picture
@Pmg1959 Crypto is not the only answer. Individual responsibility and holding metals can be an answer. Crypto technology is useful but again and again its proven that the ones running it and pushing it are incompetent. The only ones making money are the ones that know this. You buy into the wave and bail when it crests, the minute you think this technology is the future and hold these stocks, the wave goes out and (if you are lucky) are right back where you were.
Don Dion profile picture
SBNY , HOOD and COIN are the next dominoes to fall
@Don Dion I think HOOD won't go under. I have a small position @8$, will add more if it goes lower.
Bronco Fan profile picture
@Don Dion I don't see how SBNY could collapse, even if crypto goes to $0.
@Don Dion
Please quantify total SBNY exposure to the crypto sector and how much their potential losses in absolute worst case scenario would be. Only then your assertion can be taken seriously.
If SI just goes away, who would miss it ?
@Bridgejumper I like the Swimsuit Issue. Always an April event to look forward to.
Xxfactor profile picture
@Bridgejumper The companies doing thier banking there. Coinbase for example
JunkBondage profile picture
@Xxfactor D'Oh!
Coinbase stops accepting payments to or from Silvergate Capital
Winnertakesall profile picture
Crypto and everything associated with it will be in a world of trouble here soon.
Xxfactor profile picture
@Winnertakesall Never heard that prediction before
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