LA JOLLA, CA – Cryptocurrency investment group Silvergate Capital released its quarterly report on Tuesday, published via Business Wire, detailing net losses equaling $1 billion in the fourth quarter of 2022. Shareholders’ losses stood at -$33.16 per share. 

Silvergate provides banking services to cryptocurrency exchanges and investors with about 90% of its capital coming from crypto. 

Moreover, the number of customers’ digital assets declined moderately as did service fee revenue. CEO Alan Lane stated in the report that the company is still “committed to maintaining a highly liquid balance sheet with a strong capital position.”

After the collapse of FTX cryptocurrency withdrawals from Silvergate jumped while deposits plummeted by $3.8 billion in December 2022. The company held deposits from both FTX and Alameda Research. After both of those companies collapsed last year, Silvergate received a $4.3 billion loan from the Federal Home Loan Bank, yet still incurred a $1 billion loss.