• Silvergate Capital Corp (NYSE: SI) stock dropped 50% after the company delayed submitting its annual 10-K report.
• JPMorgan downgraded Silvergate to “underweight” citing liquidity challenges, while Canaccord Genuity also cut their price target.
• Coinbase confirmed they had stopped payments to or from the crypto bank.
Silvergate Stock Crashes 50%
Silvergate Capital Corp (NYSE: SI) saw its stock drop nearly 50% on Thursday morning after it delayed the submission of its annual 10-K report.
JPMorgan Downgrades Silvergate Stock
JPMorgan analyst Steven Alexopoulos downgraded the financial services company to „underweight“ citing continued liquidity challenges. In its latest reported quarter, Silvergate Capital had $1.0 billion of loss.
Canaccord Genuity Cuts Price Target
Analysts at Canaccord Genuity also downgraded Silvergate stock on Thursday and trimmed their price target o $9.0 a share.
Coinbase Stops Payments To/From Crypto Bank
Coinbase also announced today that it had stopped payments to or from the crypto bank.
Silvergate Facing Existential Crisis
The crypto bank is facing an existential crisis following the FTX fiasco in early November, as it has had to offload more assets than expected over the past two months which could weigh on its capital ratio.