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Crypto Bank Silvergate Bucks Market Rally as FTX Exposure Is Questioned
Silvergate shares were down about 7% while other crypto-linked stocks rallied Tuesday.
Updated May 9, 2023, 4:02 a.m. Published Nov 15, 2022, 6:09 p.m.
Shares of crypto-focused bank Silvergate Capital (SI) were down about 7% Tuesday despite the broader rally in crypto-linked stocks and the overall market.
Other crypto stocks including Coinbase (COIN), MicroStrategy (MSTR) and Marathon Digital (MAR) are all gaining while the Nasdaq Composite is up over 2%.
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Late Friday, the market reacted positively to Silvergate’s update on its exposure to FTX, though that momentum has faded. Silvergate told investors Friday that FTX's deposits with Silvergate represent less than 10% of the $11.9 billion in total deposits from all digital asset customers.
However, an early and strong skeptic of all things SBF, Marc Cohodes told Hedgeye on Tuesday that he's shorting Silivergate, noting that FTX making up such a large portion of Silvergate's deposit base is a big red flag.
Silvergate wasn't available to comment on the story.
Meanwhile, Signature Bank (SBNY) said early Tuesday that its deposit relationship with FTX and their related companies is under 0.1% of the bank’s overall deposits as of Nov. 14. Its shares rose over 10%.
Read more: Crypto Bank Silvergate Capital Surges on Lack of FTX Exposure
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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