Silvergate Plunges as Bank Studies Its Status as ‘Going Concern’

Cryptocurrency-friendly bank Silvergate Capital Corp. is studying whether it’s still viable and reviewing its financial controls, following the collapse of Sam Bankman-Fried’s FTX. The shares plunged as much as 25%.

“The company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the company,” La Jolla, California-based Silvergate said in a filing Wednesday, which also disclosed that it couldn’t file its annual report on time. “The company’s independent registered public accounting firm is also requesting detailed information relating to such matters and the company is responding to such requests.”

Silvergate said it sold ...