Share this article
Silvergate Bank's Q4 Earnings Misses Estimates
Profit at the crypto-focused bank more than doubled from a year earlier, but fell 22% from the third quarter.
Updated May 11, 2023, 7:10 p.m. Published Jan 18, 2022, 1:11 p.m.
Crypto-focused Silvergate Bank's fourth-quarter earnings dropped 22% from the third quarter, falling short of estimates and sending shares of its parent company down 13% in pre-market trading on the New York Stock Exchange.
- The fourth-quarter earnings of $18.4 million, or 66 cents a share, fell short of analysts' average estimate of 73 cents a share. The company posted earnings of $23.5 million, or 88 cents a share, for the third quarter and $9.1 million, or 47 cents a share, for the fourth quarter of 2020. The overall crypto market soared in 2021.
- The number of the bank's digital currency customers rose to 1,381 at the end of December from 1,305 at the end of September and 969 at the end of 2020, according to an announcement on Tuesday.
- Average digital currency customer deposits rose to $13.3 billion in the fourth quarter from $11.2 billion in the third quarter.
- Meanwhile, the bank's on-ramp for bitcoin markets known as the Silvergate Exchange Network (SEN) processed transfers worth $219.2 billion in the fourth quarter, compared with $162 billion in the third quarter and $59.2 billion in the year-earlier fourth quarter.
- Shares of the bank's parent company, Silvergate Capital Corp., were down 13.4% in pre-market trading.
- Silvergate's clients include crypto exchanges such as Coinbase, Gemini and Kraken and stablecoin issuer Circle.
Read more: Silvergate Bank Looks to Raise $461M in Public Stock Offering
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
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.
What to know:
- 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.
Top Stories
