SI - Why Shares of Silvergate Capital Are Rising (Again) Today
2023-03-27 13:17:33 ET
After surging by 54% on Friday, shares of the crypto bank Silvergate Capital (NYSE: SI) were once again on the rise on Monday. At one point during the morning, shares were trading more than 42% higher.
However, as of 12:44 p.m. ET Monday, the stock had given up most of those gains and was trading roughly 13% higher. These gains came despite the fact that the bank said earlier this month that it plans to wind down its operations and liquidate its assets.
In a regulatory filing Monday morning, Silvergate said that it had received full repayment for an outstanding secured term loan of $205 million that it had made to MacroStrategy, a subsidiary of the business intelligence company and Bitcoin buyer MicroStrategy .
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Why Shares of Silvergate Capital Are Rising (Again) Today