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CNBC's Tanaya Macheel reports on crypto bank Silvergate Capital as shares plummet and it plans to liquidate.
Wind-down and liquidation plan follows mass withdrawal of deposits after collapse of FTX exchange
Silvergate Capital (NYSE: SI ) stock is falling hard on Thursday after the crypto bank revealed liquidation plans. According to a press release from the company, it intends to wind down operations and start the liquidation process.
Crypto-focused bank Silvergate Capital Corp became the latest casualty of a meltdown in the industry after announcing plans to wind down operations and voluntarily liquidate.
CNBC's MacKenzie Sigalos reports on Silvergate Bank's liquidation and how it's impacting the crypto market.
Shares of crypto-focused companies fell on Thursday in premarket trading after Silvergate Capital Corp disclosed plans to wind down operations and voluntarily liquidate, as the aftermath of FTX's implosion last year reverberates through the industry.
Bitcoin steadied on Thursday near its lowest since mid-February, after U.S. crypto-focused bank Silvergate said it would voluntarily liquidate, the latest in a series of high-profile crypto collapses triggered by the collapse of the FTX exchange.
Bets against Silvergate have paid off, as shares sink 45% after the embattled crypto-friendly bank said it will shut down its operations.
The crypto-friendly financial institution has felt the brunt of rising interest rates and FTX's collapse.
Silvergate Capital Corporation, the holding company of crypto-focused Silvergate Bank, announced Wednesday its intent to wind down operations and voluntarily liquidate the banking unit. The move came days after Silvergate shocked the industry with news that it was facing a financial crisis.