Silvergate CEO Sees More Near-Term Pain for Crypto but Still Bullish on Bitcoin Lending

Silvergate CEO Sees More Near-Term Pain for Crypto but Still Bullish on Bitcoin Lending


Shares of Silvergate are down 42% this year, though they’ve jumped 33% over the last week. The VanEck Digital Transformation ETF (DAPP), which holds a basket of various crypto stocks including exchange Coinbase (COIN) and miner Marathon Digital (MARA), has fallen 67% this year, but risen 15% over the last week. Rising rates and recession fears have hurt global equity markets, especially stocks deemed to be riskier. The tech-heavy Nasdaq Composite Index has retreated about 25% year-to-date.

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