Before Silvergate and After Silvergate

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Of course, not everyone was upset to learn Silvergate, important for getting dollars into the crypto economy, took out this Federal Home Loan Bank. Banks are banks, after all. But few will be happy to hear that Silvergate looks set to fail – even if it seems karmic. Today, the bank announced it was delaying a Securities and Exchange Commission filing for the first time, after it made last-minute asset sales to repay an outstanding balance on its federal loan. The company lost $1 billion in the fourth quarter of 2022 alone, a figure that may be revised higher, and still has additional loan repayment obligations – meaning it may soon be “less than well-capitalized,” a Silvergate filing said.

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