US federal officials are reportedly in talks with Silvergate's management over possible ways to avoid a shutdown.
The FDIC examiners arrived at the firm’s headquarters last week and have sincbeen reviewing the firm’s books and records, one of Bloomberg’s sources said.
However, a decision has yet to be made on how it would deal with its financial strife, nor does FDIC involvement suggest a solution can’t be reached without the regulator’s input, another source said.Silvergate stock plummeted last week after the company announced a delay in the filing of its 10-K report — a document that would provide a comprehensive overview of the company’s business and financial condition.
At the time, it said it was “evaluating the impact” of market volatility and several high-profile bankruptcies in 2022 on “its ability to continue as a going concern” over the next 12 or so months. Uncertainty over Silvergate’s financial situation has raised fears of an upcoming bankruptcy filing, which could prove costly for the rest of the industry. Silvergate stock plummeted over 50% on the New York Stock Exchange on Mar. 2 to $5.72, while crypto prices took a beating across the board
1/ We maintain relationships with several banking partners. We are sensitive to the concerns around Silvergate and are in the process of unwinding certain services with them and notifying customers. Otherwise, all Circle services, including USDC are operating as normal.
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