A digital asset-friendly bank known for serving crypto firms is announcing tremendous losses from the last quarter of 2022.
Silvergate Capital, which became a publicly traded company in 2019, is known for handling digital assets and enables exchanges, institutions, and traders to exchange crypto for fiat currencies.
In a new announcement, the bank says it lost $1 billion in the last three months of last year’s bear market alone.
“Net loss attributable to common shareholders for the quarter was $1.0 billion, or $33.16 loss per common share, compared to net income of $40.6 million, or $1.28 per diluted share, for the third quarter of 2022, and net income of $18.4 million, or $0.66 per diluted share, for the fourth quarter of 2021.”
However, compared to the entire