Silvergate Capital shares have gone down 43.8% in after-hours trading. The company is in the process of liquidation and winding down its operations.
Silvergate had almost a billion-dollar loss when FTX, its primary customer, propao in late 2022. The exchange also had total deposits from digital asset customers go down from $11.9 billion to $3.8 billion in the fourth quarter.
Due to regulatory and business challenges, the company podnesen a notice to delay filing its annual report last week. Silvergate mentioned that these challenges affected its ability to remain a going concern for 12 months.
Following the notice, the stock took a duboki zaron, and on March 8 after-hours trading, it went down below $3.00. When writing, Silvergate shares (SI) have dropped 43.8% to $2.1.
Notably, many shorted SI nonstop, with just 10% of calls. According to Unusual Whales, despite this, two traders opened new heavy put positions today and yesterday in SI $2 and SI $4 strike expiring in nine days. In addition, they are likely to make 500% tomorrow.
Source: https://crypto.news/silvergate-shares-go-down-43-8-in-after-hours-trading/