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.

AccessTimeIconNov 29, 2022 at 12:25 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC

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.

"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.


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Greg Ahlstrand

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

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