Silvergate Capital says it has minimal exposure to beleaguered crypto firm Genesis

Silvergate Capital ( NYSE: SI ) said Friday is has minimal exposure to troubled cryptocurrency firm Genesis Global Holdco and its subsidiaries Genesis Global Capital and Genesis Asia Pacific. The crypto-focused bank's update comes on the heels of Genesis filing for bankruptcy protection after suffering from the downfalls of crypto exchange FTX ( FTT-USD ) and hedge fund Three Arrows Capital. SI said its deposit relationship with Genesis was less than $2.5M both as of Dec. 31, 2022, and Jan. 19, 2023. That figure is a drop in the bucket, as SI's deposits stood at $6.30B in Q4, down from $13.2B in Q3. Furthermore, Genesis is not a custodian for Silvergate's ( SI ) bitcoin ( BTC-USD )-collateralized SEN Leverage loans and SI has no outstanding loans to nor investments in Genesis, it said. "Customers’ deposits are, and have always been, safely held," it added. SI stock ticked up 0.1% in after-hours trading, and down 21% year-to-date despite a broader "comeback" market rally. See why BTIG stayed bullish on SI even after its bleak Q4 results.