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Many bank stocks are falling today, but one unexpected name is skyrocketing. Silvergate Capital (NYSE: SI ), a former top bank for the crypto sector, announced two weeks ago that it would be shutting down operations.
There is no indisputable catalyst behind today's move. Potential reasons could include a short squeeze, a solid liquidation scenario, or a sale of some of the bank's assets.
Silvergate Capital Corp. SI, -18.05% on Monday said it had received a letter from the New York Stock Exchange notifying the company that it had breached the exchange's listing standards after the bank failed to file its 2022 annual report in a timely manner. The company, the parent of the crypto-friendly Silvergate Bank, said it received the letter on March 17, not long after it said it intended to wind down operations and liquidate the bank.
A U.S. official said on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank's failure had slowed and in some cases reversed, as investors tried to ascertain whether the crisis was contained.
Shares of Credit Suisse plunged after the bank's largest shareholders said they wouldn't purchase any more of the bank's stock. A failure of Credit Suisse would significantly affect the global banking system.
On Friday, SVB was taken over by regulators after massive withdrawals a day earlier effectively created a bank run.
The closure of New York based Signature bank, which has a number of crypto clients, is likely to reverberate across the digital asset industry, days after California's Silicon Valley Bank collapsed in the second-largest bank failure in U.S. history, and Silvergate Bank, another crypto-friendly bank, said it would wind down.
Kavita Gupta, Delta Blockchain Fund General Partner, joins Yahoo Finance Live anchors Dave Briggs and Seana Smith to talk about the collapses of Silicon Valley Bank and Silvergate, what they mean for the crypto market, and what's next for customers of the banks.
There's plenty of discussion about how the economy looks right now. This past week and over the weekend, three banks have failed.
Silvergate Preferred Stock now looks like a buying opportunity. Most of the assets are highly liquid and marketable assets.