Silvergate gives mid-quarter update after FTX collapse; stock slips

Silvergate Capital ( NYSE: SI ) stock slid 2.3% in Wednesday after-hours trading after the crypto-related bank provided a mid-quarter update on its business, following the collapse of one of its customers, FTX. The company said its Silvergate Exchange Network ("SEN") is operating 24/7 with average daily volume totaling $1.9B quarter-to-date vs. average daily volume of $1.2B in Q3 2022. Silvergate ( SI ) also said all of its bitcoin-collateralized loans have performed as expected with zero losses and no forced liquidations. Average quarter-to-date digital asset customer deposits were ~$9.8B as of Nov. 15, 2022, excluding all deposits from FTX and its related entities, it said. The company's average digital asset customer deposits in Q3, which included FTX, were $12.0B vs. $13.8B in Q3 3021. The company's SEN is a real-time payments platform that serves digital asset companies and investors globally. On Monday, Wedbush analyst David Chiaverini said he didn't see Silvergate ( SI ) at risk of suffering credit losses from FTX's woes.