Silvergate Capital shares plummeted 28% late on Wednesday after the cryptocurrency-focused bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern.
Silvergate said it sold additional debt securities in January and February and that it expects further losses related to impaired securities, adding it could be "less than well-capitalized."
Additionally, "the Company is evaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements," according to the filing.Global cryptocurrency exchange Binance had secret access to an account at Silvergate belonging to its purportedly independent U.S.
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