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Crypto Bank Silvergate Says Its BlockFi Digital-Asset Deposit Exposure Totals Less Than $20M

The bank's shares closed down 11% to $25.90 on Monday, after BlockFi bankruptcy filing.

By Greg Ahlstrand
AccessTimeIconNov 29, 2022 at 12:25 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
(CoinDesk)
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Silvergate Capital (SI) said in a press release late Monday that its digital-asset deposit relationship with BlockFi, which filed for Chapter 11 bankruptcy protection earlier in the day, was less than $20 million of its total deposits from all of its digital-asset customers as of Nov. 28.

Read more: BlockFi Files for Bankruptcy as FTX Contagion Spreads

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    • "BlockFi is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans, which to date have continued to perform as expected with zero losses and no forced liquidations. Silvergate has no investments in BlockFi," Silvergate said in the statement.

    Silvergate said it recently "has been the subject of false and misleading statements," and urged people to go directly to its website for accurate information.

    Shares of the bank closed down 11% at $25.90 on Monday. They are down about 80% this year.

    Read more: Founder of EOS Developer Block.One Buys 9.3% of Crypto Bank Silvergate




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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Greg Ahlstrand
    Greg Ahlstrand

    Greg Ahlstrand was previously CoinDesk's Asia News Editor. Greg has no significant crypto holdings.

    Follow @GregAhl on Twitter

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