Silvergate Capital Corporation

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Piyasa değeri: US$11.1m

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Recent updates

Seeking Alpha • Feb 19

Silvergate Capital: Considerable Risk And Short Squeeze Potential

Summary Silvergate Capital has seen a significant decline in deposits after the FTX meltdown shook investor confidence in the crypto ecosystem. The company reported a net loss of $1 billion in the fourth quarter, and had to receive $4.3 billion in advances from the Federal Home Loan Bank of San Francisco. The company is squarely placed within regulator's crosshairs because of their ties to FTX, despite their claims of having a deposit only relationship with the firm. The stock has a whopping 78.64% short interest but management has the potential to fix their business fundamentals. If Silvergate is able to weather the storm, the stock could end up being reasonably valued at these levels and there is potential for a massive short squeeze. That being said, the risks are immense and it is possible that Silvergate goes bankrupt or is heavily punished by regulators. Thesis Silvergate Capital (SI) has experienced a significant deterioration in their fundamentals, and short sellers smell blood in the water. That being said, if the company is able to stabilize their operations this could represent an opportunity to buy Silvergate at a reasonable price while also having the upside of a potential short squeeze. Ties to FTX Silvergate's recent woes began with the collapse of FTX. FTX had deposits with Silvergate, and people were concerned that the two firms may have had deeper ties. The company made an official statement that sought to soothe the market. The most notable part of that statement was when Alan Lane (CEO of Silvergate) stated: As of September 30, 2022, Silvergate’s total deposits from all digital asset customers totaled $11.9 billion, of which FTX represented less than 10%. Silvergate has no outstanding loans to nor investments in FTX, and FTX is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans. To be clear, our relationship with FTX is limited to deposits. This helped to allay investor fears, but even though the bank seemingly had loose ties with FTX, the immense fear within the ecosystem would end up causing the modern day equivalent of a bank run at Silvergate. Crisis of Confidence In their statement about FTX exposure the CEO stated that they had $11.9 billion of deposits. At the end of December that number had dwindled to just $3.8 billion. This becomes a major concern when we take into consideration that Silvergate has to maintain regulatory capital ratios. As far as tier one leverage ratio is concerned Silvergate is sitting around 5.36%, and the regulatory requirement is 5%. In order to adjust their balance sheet to the new deposit reality Silvergate had to sell $5.2 billion of debt securities in the quarter resulting in losses on securities of $751.4 million and losses on derivatives of $8.7 million. These are pretty substantial losses and brings in to question how this could even happen in such a short period of time. In addition to the forced sale of securities Silvergate had to obtain liquidity from an unlikely source. Bank Loan In Q4 Silvergate received $4.3 billion in advances from the Federal Home Loan Bank of San Francisco, which makes up the bulk of Silvergate's cash pile. This move has been criticized by some observers and could be considered mission creep, but I'm not a banking expert and can't say for certain the implications of this. Just know that Silvergate has received assistance from the Federal Home Loan Bank of San Francisco, and this could potentially cause them issues down the line if there are politicians/regulators who dislike that it happened. Regulatory Scrutiny Naturally this whole debacle has attracted the attention of regulators. FTX (and in some sense crypto exposure in general) has turned out to be quite the financial dirty bomb, and Silvergate has found themselves in the thick of it. Investors should keep in mind that there is potential for significant penalties and/or fines if the company is found to have improperly managed their relationship and business dealings with FTX. Potential Turnaround While things are not looking great for Silvergate, it seems that much of their issues resulted from deposits being pulled rapidly. As long as the bank did not engage in improper conduct when dealing with FTX, the damage could be relatively limited and management could begin to rebuild their asset base. They are heavily reliant on the health of the crypto ecosystem, so if people begin to sour on the industry Silvergate may not be able to rebuild their asset base and may instead face a continued loss of deposits. Short Interest While I don't consider short interest alone to be the basis of an investment, it can make an average investment have extra upside potential. If Silvergate can fix their business the company may end up being fairly valued at these levels, but certainly not a bargain. Fortunately for investors it doesn't have to be. Silvergate currently has a sizeable short interest of 78.64%. So let's paint a scenario here: Silvergate stabilizes their business and investors are able to buy the company at fair value. Short sellers see that the company has stabilized and is not going bankrupt. Seeing as the borrowing costs are so high and the short thesis has become less compelling, it is likely that some amount of shorts will choose to cover, which could lead to other shorts covering. When some people think of a short squeeze they immediately think of the GameStop (GME) lunacy, but that isn't necessarily a good representation of heavy short interest situations because it was the result of massive coordinated buying pressure. A much more boring way that a short squeeze can happen is that the short thesis simply becomes less compelling relative to the opportunity cost and borrowing fees of that short once the company in question improves their fundamentals. Not everyone can cover at once, which can lead to a modest short squeeze. This is what could happen if Silvergate can demonstrate that their business is fundamentally sound. Price Action Sometimes you can look at a stock chart and see investor pain, and this is one such chart. It is easy to see why short sellers smell blood in the water as both price action and business fundamentals are trending in the wrong direction.
Seeking Alpha • Feb 10

Silvergate board member resigns to take executive role at another company

Silvergate Capital (NYSE:SI) said Rebecca Rettig will resign from the boards of both the company and Silvergate Bank effective Wednesday, Feb. 8, 2023. Rettig has accepted an executive position at another company and is resigning due to her new commitments, Silvergate (SI) said in a filing after the close Thursday. The company will start a search to fill the boards' vacancies. Her resignation wasn't the result of any dispute or disagreement with the company, the bank or the boards and any matters relating to operations, policies, or practices, the company said. According to media reports Rettig was named Polygon Labs' first chief policy officer. Earlier this month, Silvergate (SI) stock tumbled after reports that the U.S. Department of Justice is investigating the crypto-focused bank's business with collapsed crypto firms FTX and Alameda Research.
Seeking Alpha • Feb 02

State Street reveals 9.3% stake in crypto-focused bank Silvergate Capital

Asset manager State Street (NYSE:STT) disclosed a 9.32% stake in struggling cryptocurrency-focused lender Silvergate Capital (NYSE:SI) as of Dec. 31, 2022, according to a Thursday SEC filing. Shares of Silvergate (SI) surged as much as 50% earlier in the session, coinciding with a broader market rally, only to lose roughly half those gains in midafternoon trading. Still, SI was off more than 80% in the past year given a lingering bear market as well as the company's ties to collapsed crypto exchange FTX (FTT-USD). The news came just a day after BlackRock (BLK) revealed a 7.2% stake in SI.
Seeking Alpha • Jan 27

Silvergate Capital suspends preferred stock dividend to hold onto cash

Silvergate Capital (NYSE:SI) stock sank 7.4% in Friday premarket trading after the crypto-focused bank suspended the payment of dividends on a series of preferred stock as a measure to preserve capital, the company said Friday. The move comes after Silvergate (SI) saw deposits plunge by more than half in Q4 when cryptocurrency markets swooned when FTX collapsed. The bank's Silvergate Exchange Network enables payments, lending and funding for digital asset companies and investors, As a result, the company suspended payments of dividends on its 5.375% fixed rate non-cumulative perpetual stock, series A. "This decision reflects the company’s focus on maintaining a highly liquid balance sheet with a strong capital position as it navigates recent volatility in the digital asset industry," Silvergate (SI) said in a statement. Furthermore, it continues to maintain a cash position in excess of its digital asset customer related deposits. Its board will re-evaluate the dividend payment as market conditions evolve. Last week, Silvergate (SI) assured that it had minimal exposure to Genesis Global, which filed for bankruptcy.
Seeking Alpha • Jan 17

Silvergate: A Prime Target For Takeover In The Crypto Industry

Summary Silvergate Bank felt the effects of the crypto industry shakeup in 2022, specifically the fall of FTX, as crypto-related deposits dried up. The management team of Silvergate implemented prudent policies to avoid a potential bank run, maintaining healthy cash reserves. However, the losses incurred and the repricing on its stock, increases the likelihood of a takeover attempt. When it comes to the crypto industry, we've seen quite the shakeup in 2022 with a series of bankruptcies, none more dramatic than the fall of FTX (FTT-USD). This has understandably made many investors cautious, prioritizing liquidity over potential gains. Silvergate Bank (SI), in particular, felt the effects as crypto-related deposits on their SEN network dried up. But as any savvy investor knows, a downturn can also present opportunities. Now is the time to take a good hard look at what happened and figure out the best way to move forward. What do we know about Silvergate's financial situation? The management team at the company held a conference call with shareholders and analysts to shed light on the recent developments and share their plans for the future. They were upfront and candid in addressing the challenges they faced and provided valuable insights. Here are a few key points to take note of: The decrease in digital asset deposits from $11.9 billion to $3.8 billion at the end of December 2022 is certainly a cause for concern. However, it's reassuring that the company's management has implemented prudent policies to avoid a potential bank run. They have structured the balance sheet to withstand a 70% drawdown on deposits, and maintain cash reserves that exceed all remaining deposits. Additionally, they have taken measures to ensure that they can accommodate deposit inflows and outflows under a range of market conditions, and maintain cash liquidity to meet potential deposit outflows. This level of foresight and planning is a positive sign for the company's long-term prospects. During Q4 2022, Silvergate faced a challenge as customers withdrew deposits. To address this, the company used wholesale funding to satisfy outflows. However, to maintain a liquid balance sheet and accommodate sustained lower deposit levels, Silvergate sold debt securities for cash proceeds, resulting in a loss of $718 million. As of December 31, 2022, the company held $5.6 billion in debt securities, all of which are U.S. government or agency-backed and available for sale, and which include unrealized losses of approximately $0.3 billion. In early 2023, the company plans to sell a portion of these securities to reduce wholesale borrowings. This will result in the recognition of a fourth-quarter impairment charge related to the unrealized loss on those securities expected to be sold. Despite the challenges faced by the company, Silvergate's deposits seem safe and accessible. As of December 31, 2022, only $150 million of Silvergate's deposits were from customers that have filed for bankruptcy. Silvergate held total cash and cash equivalents of approximately $4.6 billion, which is more than the deposits from digital asset customers. You can check the business update here. Silvergate Strategy Revamp To ensure its business is strong in light of lower deposit levels, the company is taking steps to adjust its expenses and review its product offerings and customer relationships. One cost-saving measure Silvergate is implementing is a reduction of its workforce by approximately 40% or 200 people. This decision was made because the company had grown its employee headcount significantly in the recent past, but now needs to control expenses in light of the current situation. The company estimates total costs related to the workforce reduction at around $8 million and expects the majority of these charges to be incurred in Q1 2023. The company will also be streamlining its product portfolio to reduce complexity. In line with this approach, the company exited its mortgage warehouse lending product in the fourth quarter of 2022, incurring a restructuring charge of approximately $4 million. Silvergate bank is exploring adjustments to its revenue model for SEN, its stablecoin exchange network, as it examines all of its products in the context of recent market trends. Silvergate doesn't view the SEN business as a means of acquiring deposits to finance other asset strategies and is evaluating alternative pricing plans for the service as it continues to assess client needs. The company no longer expects to derive value from its Diem assets in the short term, and as a result, recorded an impairment charge of $196 million in Q4 2022 related to developed technology assets acquired from Meta. This decision was made due to the current challenges in bringing a tokenized dollar to market. Accounting rules require that the intangible asset be written down when it cannot be justified by future revenues. Despite this, the company still believes that a tokenized dollar on a blockchain will have value in the market and the management believes it might be able to enter this space later. Silvergate Risks and Opportunities The situation is dynamic, and I will just mention some of the most critical risks in short term, this won't be an exhausting list. Silvergate is currently facing class action lawsuits related to FTX and Alameda, which present a significant short-term risk for the company. The potential liabilities that the company might be facing are unknown. Another uncertainty is how the balance sheet and earnings power will look like. We will have to wait for the earnings release and clarification during the earnings call to have a better understanding. However, the situation is so fluid that it might take months to have a clearer picture. Another possibility arising from the current state of affairs is the possibility of a traditional big bank taking over Silvergate to acquire its crypto-related infrastructure. Alan Lane, Silvergate CEO, mentioned that the bank will always consider combining with a bigger company to help diversify and limit stress periods like the current one. He also states that being a crypto-only focused institution is still the most efficient structure for the bank, as it is unique and has created opportunities for them to differentiate themselves, and that it is quite likely that a larger institution that wants to get into the space will want to take a look at Silvergate because of its track record on the space. This presents both a risk and an opportunity. The risk is for investors who are deeply underwater to see the company being sold for a premium that won't cover their losses. The opportunity lies in a quick repricing of the company based on a takeover offer at a significant premium from the current situation. There are several other risks that are not covered here, we chose to focus on the most critical regarding the recent events. One obvious example is a potential fall, like DCG, that could reignite the deposits' run and have another huge impact on the company's earnings power. Silvergate Valuation In my opinion, Silvergate has been sitting on its crypto deposits since 2020 to avoid a bank run. That means they could afford to wait and that's what they did when they first got loans to make up for lost deposits. But once they realized they might be in a permanent situation, they backed away from the loans and cut their asset base by $5 billion. I think that was smart, but it obviously hit the company's earnings hard. They were making 0.5% on their assets before this mess and now, with a new balance sheet that's lost $8 billion in deposits, I figure the company can still make about $30 million a year in profits (1% times $3 billion earning assets – excluding the $5 billion in cash). At ten times profits, that values the bank at around its current market cap of $300 million.
Analiz Makalesi • Jan 12

These Analysts Just Made An Downgrade To Their Silvergate Capital Corporation (NYSE:SI) EPS Forecasts

Today is shaping up negative for Silvergate Capital Corporation ( NYSE:SI ) shareholders, with the analysts delivering...
Seeking Alpha • Jan 07

Why I Added To Silvergate After 45.33% Crash

Summary Crypto bank Silvergate Capital crashed 45.33% in one day. The bank issued a press release admitting it lost 70% of deposits. Losing your deposit base is disastrous to most banks. I believe it may not be as bad in this unique case. Short term I expect more pain and reckoning but long term I see value. It is a terrible feeling to be long Silvergate (SI) and see it collapse ~49% in a day after an extended period of downward momentum, and today isn't looking too good either. Data by YCharts The collapse happened because Silvergate issued a business update admitting to losing 70% of its deposits. Everyone knew they were losing deposits, but I don't think anyone expected them to lose this many. A downward correction seems more than appropriate. It always feels ridiculous to defend a company that's coming out with bad news like this and where there's still more bad news (opinions can differ on how bad it will get). These are times that will be interesting to reflect on three years from now. Will Silvergate be significantly higher than it is today, will it go to zero, or will it continue to languish around this level? If I try to distance myself a little bit from the outrage and the chaos at hand and take a long-term view, my view is still that this will be significantly higher in three years. I recognize the challenges ahead and understand it may not work out if regulators uncover wrongdoing or if regulators otherwise undermine the future of the business. One thing I believe is essential is that I understand Silvergate always encouraged customers (primarily digital asset companies) to take deposits elsewhere if they weren't actively deploying the capital. Silvergate wasn't paying any interest on digital asset customer deposits and therefore, the capital must be used in a way that's more productive than the short-term yield customers could have gotten elsewhere. Their deposit base also had a volatile history going up and down fairly wildly. They prepared for this with an excellent balance sheet loaded with liquid government-guaranteed or backed securities. Customers like the services Silvergate provides and see value in the SEN network (this allows them to trade dollars with each other). With crypto firms blowing up left and right and all kinds of rumors being circulated about Silvergate (go on Twitter and search for $SI) there, customers may have gotten scared. Enterprise customers tend to deposit large sums, and FDIC insurance doesn't cover that. I expected enterprise customers wouldn't be easily scared away and trading firm deposits would be very sticky (chaos in the crypto world means great trading opportunities for arbs and market maker-type firms). I was wrong. 70% of deposits got pulled. Normally, it is a disaster for a bank to lose deposits. Once you lose them, it is tough to get them back. You have to entice them with high yields but that sort of defeats the purpose. A bank ideally wants low-cost sticky deposits. But Silvergate's case is fairly unique. Customers aren't here because of the yield or because they know the brand... They are here because of the SEN network and the specialization in providing bank services to digital asset customers. This is still hard to find. I think that if it becomes clear Silvergate is completely sound, deposits could return quickly. With this latest PR, it should be clear Silvergate is sound. The bank has cash on hand that more than covers the digital asset customers' deposits. The latest deposit figure was slightly higher than the absolute bottom, which may (or may not) be indication deposits are starting to bounce back. I think the remaining deposits will be the most sticky. These are likely the customers that derive the most use from Silvergate's services. If you don't believe in a future where crypto plays any role, this company doesn't make sense. Ultimately, I believe digital assets will be a thing of the future, and that's why I continue to see value here. Yesterday's press release contained a lot of interesting information. The company also held a lengthy call, worth listening to, where they provided a lot of additional color. At the risk of sounding like a delusional bull, I'll review some of the "positive" takeaways from the business update. Quotes are directly from the PR or the call transcript and my discussion follows in between: The Silvergate Exchange Network Platform continues to operate 24/7 with average daily volume totaling $1.3B in Q4 vs. $1.2B in Q3. The increase in volume appears small. However, we should take into account that deposits dropped by 70%. This looks like trading volume, done by the remaining customers, exploded. This is in line with my expectation that the remaining customers derive a lot of value from the SEN-network and are more likely to be sticky customers. Cash and cash equivalents as of Dec. 31, 2022 was ~$4.6B, in excess of deposits from digital asset customers. It should be clear to customers that their deposits are covered, and they can pull their money anytime. During Q4, Silvergate (SI) sold $5.2B of debt securities for cash proceeds, resulting in a loss on the sale of securities and related derivatives of $718M during Q4 2022. It looks like this loss is primarily losses on the bond portfolio that were already present before this run on deposits. It is just that selling assets to cover redemptions forces the company to recognize these losses within its financials instead of just pointing them out in the discussion in the 10-K. It is mostly the result of the Fed raising rates and banks (including Silvergate) taking a hit on the long end of their existing bond portfolios.
Seeking Alpha • Dec 23

Silvergate: Its Depositors Are Filing Chapter 11s

Summary Silvergate's depositors are filing chapter 11s as the crypto winter bites. The growth of the crypto space will likely be handicapped for the foreseeable future with the risk of regulatory blowback likely to keep some institutions away. The company's depositary-preferred shares offer an alternative way to play a potential recovery. Silvergate Capital's (SI) push to offer banking services to the crypto space in 2014 retrospectively looked like a masterstroke. The company would IPO in 2019 just ahead of the pandemic-led surge of crypto and its inherent explosion into the mainstream on the back of an unprecedented level of institutional adoption. But the party is now over and the collapse of Silvergate's common shares this year has been built on the seemingly bleak future ahead for crypto. The near 40% short interest in the La Jolla, California-based company is reflective of just how much bears believe this new future will play out. To them, what lies ahead is a long dark crypto winter where the current list of 2022 bankruptcies grows even longer. Silvergate's depositors are already filing for chapter 11 bankruptcy. FTX on the 11th of November, Alameda Research on the 11th of November, and BlockFi on the 28th of November. Bulls would be right to state that Silvergate's total digital asset customer deposit exposure to some of these companies like BlockFi was small at $20 million but this would miss the bigger picture. Silvergate has so far in November become a financial layer for an industry realizing a structural decline. The chartered and FDIC-insured bank with an account at the Federal Reserve is now currently subject to a class action lawsuit over its alleged role in transferring FTX user deposits to Alameda bank accounts. Whilst the fundamental bearish point is that the FTX debacle will significantly hamper institutional adoption of crypto, the worst-case scenario for Silvergate could be realized if the company loses its charter over its FTX-Alameda dealings. The New Crypto Landscape Is Hostile It's important to note that there are a lot of allegations flying around and some of them might not be reflective of the truth. Hence, the lawsuit is important as it would allow the company to more transparently defend itself and more clearly separate fact from fiction. Silvergate currently faces the specter of regulatory blowback with US Senators Elizabeth Warren, Roger Marshall, and John Kennedy writing to the bank to seek answers on its role in the FTX collapse. With the SEC looking to more heavily Bitcoin as a security and more states looking to place more onerous regulations on crypto activity, the growth rates Silvergate has historically seen will likely be in the rearview mirror. For example, New York State-registered banks will now need to receive regulatory permission 90 days before they get involved in crypto even if it's via a third party. Whilst enhanced regulation could be good for the industry and increase its legitimacy, the current sentiment leans towards the regulations looking more reactionary. Indeed, the FTX debacle has been a total disaster with billions of lost customer funds likely pushing regulators to move to rein in the type of crypto activities that drove Silvergate's deposit growth. Prospective investors might be interested in the company's 5.375% Depositary Shares (SI.PA) which represent an alternative way to gain exposure. Quite confusingly, the company does not describe these as preferred shares but as depositary shares which represent a 1/40 interest in a share of the fixed rate non-cumulative perpetual preferred stock. QuantumOnline These currently trade at $10.90, which is around $14.10 or 56.4% below their $25 redemption value. They also currently pay out a $1.34 annual coupon which amounts to a 12.33% dividend yield with a call date quite a while away on the 15th of August 2026. As the commons don't pay a dividend and against the deep discount to redemption value, the 1/40 of a preferred depository shares offer an alternative way to gain exposure to Silvergate's potential recovery. However, it's important to note that the depositary shares are non-cumulative. This represents one of the least attractive structures as the company can choose to suspend the dividend at any time and the unpaid dividends will not accumulate to be paid fully at a later date. Cumulative preferred shares are designed to reduce the probability of dividends being suspended during times of economic discombobulation, hence, holders of these could find themselves out of income in the event the slowdown in the crypto space translates to a marked disruption of Silvergate's financials. Every Day Is For The Bull, One Day Is For The Bear Morgan Stanley recently slashed its 2023 EPS estimates for Silvergate by 51% to $4.48 compared with the broader analyst consensus of earnings of $5.95 per share. Silvergate's digital deposit balance is also expected to fall by 20% sequentially during its fiscal 2022 fourth quarter from $11.9 billion in its last reported third quarter. The company's revenue for its third quarter of $89.34 million grew by a staggering 72.8% over the year-ago period but was a miss by $11 million on consensus estimates. Digital asset customers reached 1,677, up from 1,305 in the year-ago comp and was a growth of 5.8% sequentially. A potentially lower deposit balance represents the greatest risk to EPS as Silvergate does not pay any interest to its depositors.
Seeking Alpha • Dec 14

Silvergate: The Latest FTX Casualty

Summary Silvergate's stock has plummeted after the public has begun questioning its links with FTX. Silvergate's CEO has come out in defense of the company. The current outlook for SI remains bearish, but I'd be interested in buying at lower prices. What You May Have Missed The FTX (FTTS-USD) collapse has been a major headline crypto-related news for the past few weeks. One of the biggest centralized exchanges (CEX) implosions seen in the crypto industry's history. FTX was a centralized cryptocurrency exchange founded by Sam Bankman-Fried (also popularly known by the initials SBF) in 2019. During its prime, FTX was ranked the third largest crypto exchange in terms of trade volume. There have been many claims and stories about the root cause of the FTX fiasco. In the wake of the FTX collapse, the crypto community has shown its information-digging prowess while regulators and legislators have been seeking answers. Based on the popular demand of the crypto community, some existing CEX has begun publishing their digital asset holdings via proof-of-work reserves. The FTX implosion has affected several crypto-based firms that have cited exposure to FTX and Alameda Research, FTX’s trading arm. Crypto lending platform BlockFi halted withdrawals as a result of its FTX exposure and has since filed for chapter 11 bankruptcy. Genesis Trading, Celsius Network (CEL-USD), and Galois Capital are among the firms that have been affected by the FTX collapse. Silvergate Bank (SI) is one of the financial institutions at the core of the on-ramp and off-ramp of fiat on most US-based crypto exchanges. As the FTX contagion continues to spread, Silvergate Bank has become a part of the contagion. Silvergate's share price has fallen by over 40% in one month, as a reaction to the FUD generated over its links with FTX. The FTX Contagion Spreads to Silvergate Bank In the wake of the FTX debacle in early November, a statement regarding Silvergate FTX exposure was released by Silvergate. In the statement, Alan Lane, Chief Executive Officer of Silvergate, said: In light of recent developments, I want to provide an update on Silvergate’s exposure to FTX. As of September 30, 2022, Silvergate’s total deposits from all digital asset customers totaled $11.9 billion, of which FTX represented less than 10%. Silvergate has no outstanding loans to nor investments in FTX, and FTX is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans. To be clear, our relationship with FTX is limited to deposits. Source: Alan Lane A group of US lawmakers, led by Senator Elizabeth Warren, has asked Silvergate to release its full records of FTX transactions; this will give closure into the potential role Silvergate Bank played in the collapse of the crypto exchange and into how Silvergate is connected to FTX. Silvergate has until December 19 to comply with the lawmakers' request. Your bank’s involvement in the transfer of FTX customer funds to Alameda reveals what appears to be an egregious failure of your bank’s responsibility to monitor for and report suspicious financial activity carried out by its clients, Source: Senator Elizabeth Warren In the wake of the FTX collapse, Lane has issued a statement. In the statement, Lane said Silvergate takes risk management and compliance very seriously and also claims extensive due diligence on FTX and Alameda Research was conducted. It has been a very difficult few weeks for the digital asset industry, as we have all come to terms with the apparent misuse of customer assets and other lapses of judgment by FTX and Alameda Research. There has also been plenty of speculation – and misinformation – being spread by short sellers and other opportunists trying to capitalize on market uncertainty, Source: Alan Lane Will FTX Impact Silvergate? In the statement by Lane, he reiterated that while it has been a turbulent time in the digital asset industry, customers’ deposits at Silvergate are, and have always been, safely held. In addition to the cash we carry on our balance sheet, our entire investment securities portfolio can be pledged for borrowings at the Federal Home Loan Bank, other financial institutions, and the Federal Reserve Discount Window – and can ultimately be sold should we need to generate liquidity to satisfy customer withdrawal request, Source: Alan Lane Silvergate shares have continued to drop amidst the FTX debacle. The stock price dropped by about 14% on Tuesday, December 14, reaching a two-year low and closing at $18.73 on New York Stock Exchange (NYSE). The Stock price has fallen by 90% year to date (YTD).
Seeking Alpha • Nov 16

Silvergate gives mid-quarter update after FTX collapse; stock slips

Silvergate Capital (NYSE:SI) stock slid 2.3% in Wednesday after-hours trading after the crypto-related bank provided a mid-quarter update on its business, following the collapse of one of its customers, FTX. The company said its Silvergate Exchange Network ("SEN") is operating 24/7 with average daily volume totaling $1.9B quarter-to-date vs. average daily volume of $1.2B in Q3 2022. Silvergate (SI) also said all of its bitcoin-collateralized loans have performed as expected with zero losses and no forced liquidations. Average quarter-to-date digital asset customer deposits were ~$9.8B as of Nov. 15, 2022, excluding all deposits from FTX and its related entities, it said. The company's average digital asset customer deposits in Q3, which included FTX, were $12.0B vs. $13.8B in Q3 3021. The company's SEN is a real-time payments platform that serves digital asset companies and investors globally. On Monday, Wedbush analyst David Chiaverini said he didn't see Silvergate (SI) at risk of suffering credit losses from FTX's woes.
Analiz Makalesi • Nov 16

Here's Why Silvergate Capital (NYSE:SI) Has Caught The Eye Of Investors

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Seeking Alpha • Nov 10

Silvergate Capital: Short Term I Have Questions, Long Term Attractive

Summary I started looking at Silvergate Capital Corporation after the recent selloff due to the FTX carnage. I like the Silvergate Capital business model, the profitability, and the growth. The balance sheet looks like Silvergate is likely ok. There are a few unknowns about Silvergate Capital Corporation, which is why I ultimately like short-term put exposure best for now. It has been a bloodbath in the crypto world. Meanwhile, CPI came in lower than expected, rocketing markets higher. This seemed to help stabilize the crypto markets. I've been trawling the bargain bin and looked into Silvergate Capital Corporation (SI) this morning. I like what they're doing at Silvergate. It doesn't look that complicated. They're holding deposits by customers (institutions looking to trade crypto) and investing this capital base in higher-yielding securities. In other words, it's a bank. In addition, it has a trading hub linking up liquidity between exchanges. This is called the Silvergate Exchange Network. There are a lot of rumors (look on Twitter, searching for $SI) that Silvergate Capital could be hurt through exposure to FTX. In addition, it is to be expected institutional involvement with crypto will take a step back, and that hurts the company's prospects in the short term. I'm not even arguing with the latter. The stock price has come down quite a bit, which reflects that effect. Data by YCharts What could be the exposure to FTX here? Silvergate just issued an 8-K to alleviate market pressure. Helped by CPI, this has been successful for today (emphasis by me): "As a prudentially regulated bank, we manage our balance sheet to provide liquidity for our clients while maintaining a strong capital position in excess of the well-capitalized status required by federal banking regulations," said Alan Lane, Chief Executive Officer of Silvergate. "We are a key infrastructure provider with an established track record, which gives our customers the confidence they need during times like these." Mr. Lane added, "In addition to our securities available-for-sale portfolio, which amounted to $8.3 billion at September 30, 2022, as a federally regulated banking institution, we have the ability to borrow from the Federal Home Loan Bank and the Federal Reserve Bank, further strengthening our liquidity position." Silvergate's flagship product, the Silvergate Exchange Network ("SEN"), continues to provide clients with the ability to move U.S. dollars 24 hours a day, 7 days a week. "When our customers want to take advantage of trading opportunities at over 100 different exchanges that bank with Silvergate, the SEN facilitates these fund flows in near real-time, 24/7," said Ben Reynolds, President of Silvergate. Silvergate also provides select, underwritten clients with access to bitcoin collateralized loans known as SEN Leverage. To date, these loans have continued to perform as expected with zero losses and zero forced liquidations. In my opinion, FTX could very well be one of its select underwritten clients. It doesn't entirely reassure me they have experienced zero losses or forced liquidations YET. Importantly, these SEN leverage loans are collateralized AND the amount outstanding is limited according to the latest 10-Q: The outstanding balance of gross SEN Leverage loans was $302.2 million and $335.9 million at September 30, 2022 and December 31, 2021, respectively. Unfunded commitments on SEN Leverage loans were $1.2 billion and $234.6 million at September 30, 2022 When I'm looking at Silvergate Capital's balance sheet, it looks reasonable. This is a company with a market cap of roughly $1.25 billion. The liabilities mostly consist of customer deposits (these can get pulled). There are around $13 billion in deposits with Silvergate. Meanwhile, its total assets equal $15.5 billion per September 30. Most are listed as for sale. My impression here is that the book is relatively liquid. Unless a monstrous percentage of deposits get called, they should be able to meet the demand easily enough. Silvergate Capital 10-Q (Silvergate Capital 10-Q) Reviewing the balance sheet for potential potholes, I expect the cash is money good. The securities are mostly looking good to me. These are mostly mortgages. Then there are the loans held for sale and held for investments. This is the category where I'm not as sure everything will hold up amidst this liquidity crisis. I think the SEN leverage is included here. Here's how SI describes its SEN leverage (emphasis added): Borrowers accessing SEN Leverage provide bitcoin or U.S. dollars as collateral in an amount greater than the line of credit eligible to be advanced. The Bank works with regulated digital asset exchanges and other indirect lenders, as the case may be, to both act as its collateral custodian for such loans, and to liquidate the collateral in the event of a decline in collateral coverage below levels required in the borrower's loan agreement. At no time does the Bank directly hold the pledged bitcoin. The Bank sets collateral coverage ratios at levels intended to yield collateral liquidation proceeds in excess of the borrower's loan amount, but the borrower remains obligated for the payment of any deficiency notwithstanding any change in the condition of the exchange, financial or otherwise. The outstanding balance of gross SEN Leverage loans was $302.2 million and $335.9 million at September 30, 2022 and December 31, 2021, respectively. Unfunded commitments on SEN Leverage loans were $1.2 billion and $234.6 million at September 30, 2022. The risk I see here is that the unfunded commitments may have become funded after September 30. Some of this could be due to FTX, which is mentioned in its most recent presentation: Silvergate Capital investor presentation (Silvergate Capital investor presentation) A worst-case scenario would be where there's significant exposure to FTX, and it turns out FTX can't make good on its obligations. If FTX has made very big mistakes and Silvergate can't get its collateral or get it fast enough to meet its obligations, that's not a good situation.
Seeking Alpha • Oct 28

Miller Value Partners - Silvergate Capital Corp.: Opportunity To Invest In A 40% CAGR Business

Summary Miller Opportunity Equity strategy's largest new position is Silvergate Capital Corp. While the market is overly focused on a crypto winter, SI stock will benefit from increasingly becoming the partner of choice for both exchanges and institutions in this rapidly evolving market. It is not often that Mr. Market allows the opportunity to invest in a business growing the top line at a 40% CAGR for the next two years, while it is trading at 13x this year’s earnings and 8x next. The following segment was excerpted from this fund letter. Silvergate Capital Corporation (SI) Our largest new position is Silvergate Capital Corporation, a regulated and FDIC-insured commercial bank and an emerging leading service provider for the crypto space. Silvergate has followed cryptocurrencies lower throughout the year falling 56% YTD vs Bitcoin down 59%, and Ethereum down 65%. The company started as a deposit service provider for the crypto space but has since developed their own proprietary Silvergate Exchange Network (SEN)). SEN is a global payment network that enables real-time transfer of USD between its digital currency exchange customers (COIN, Genesis) and institutional customers 24/7/365. The company continues to innovate with its push to add stablecoins to its business mix following the acquisition of the Diem stablecoin project from Meta Platforms (META) earlier this year. While the market is overly focused on a crypto winter, SI will benefit from increasingly becoming the partner of choice for both exchanges and institutions in this rapidly evolving market. Furthermore, 90% of Silvergate’s $13B assets are floating-rate with zero-cost deposit funding. This makes Silvergate one of most interest rate-sensitive financial services companies in the market today. Management has noted that for every 25bp increase in interest rates, their net interest income ((NII)) would increase by $16M over a 12-month period. It is not often that Mr. Market allows the opportunity to invest in a business growing the top line at a 40% CAGR for the next two years, while it is trading at 13x this year’s earnings and 8x next.
Seeking Alpha • Oct 18

Silvergate Capital GAAP EPS of $1.28 misses by $0.09, revenue of $89.34M misses by $11M

Silvergate Capital press release (NYSE:SI): Q3 GAAP EPS of $1.28 misses by $0.09. Revenue of $89.34M (+72.8% Y/Y) misses by $11M. Digital asset customers grew to 1,677 at September 30, 2022, compared to 1,585 at June 30, 2022, and 1,305 at September 30, 2021 The Silvergate Exchange Network (“SEN”) handled $112.6 billion of U.S. dollar transfers in the third quarter of 2022, a decrease of 41% compared to $191.3 billion in the second quarter of 2022, and a decrease of 30% compared to $162.0 billion in the third quarter of 2021 Total SEN Leverage commitments increased to $1.5 billion at September 30, 2022, compared to $1.4 billion at June 30, 2022, and $322.5 million at September 30, 2021 Digital asset customer related fee income for the quarter was $7.9 million, compared to $8.8 million for the second quarter of 2022, and $8.1 million for the third quarter of 2021 Average digital asset customer deposits were $12.0 billion during the third quarter of 2022, compared to $13.8 billion during the second quarter of 2022
Seeking Alpha • Oct 10

Silvergate Capital: A High-Growth Disruptor

Summary The Silvergate Exchange Network, or SEN, has made this small bank critical to the crypto universe. The rise in interest rates will boost revenues and earnings over the short term. Silvergate is more like a fin-tech than an ordinary bank, and will see growth rates that reflect that. Editor's note: Seeking Alpha is proud to welcome Taylor Carmichael as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » In 2020, I bought Silvergate Capital (SI) at $16 a share. This was my first attempt at a crypto investment. It was dead money for a few months, and then the stock skyrocketed and I had a quick 10-bagger. Now the stock price is way off its highs, and my family has been adding shares in this environment. This is one of my favorite stock ideas. Here's why I'm bullish on Silvergate. It was first-mover in providing banking services to the crypto industry Almost a decade ago, Silvergate decided to recruit the crypto trading exchanges as clients for the bank. In order to do that, Silvergate solved a pain point in the crypto industry. Coinbase (COIN) and other crypto exchanges wanted the ability to allow their clients to trade crypto 24/7. The problem these exchanges were running into is that banks do not operate 24/7, and so any dollars in a crypto trade would not exchange hands for several days. To solve this problem, Silvergate invested in networking capabilities, and created the Silvergate Exchange Network, or SEN, to facilitate crypto trading for large institutions. This created a huge windfall for the bank. The money it made facilitating the crypto trade started to overshadow the rest of its operations. As its crypto business grew and grew, Silvergate eventually shut down most of its ordinary banking activities and focused on providing banking services to the crypto industry. Specifically, Silvergate is focused on the institutional side of crypto trading. So ordinary people (you and me) are not going to be opening an account at Silvergate. This makes SI a highly unusual bank with less than 2,000 customers. In Q2, the company reported that it had 102 digital currency exchanges as customers of the bank. This includes names like Coinbase (COIN), FTX (FTX-USD), Gemini (GUSD-USD), Kraken (KRAK-USD), Crypto.com, and many more. The bank also has about 1,000 institutional investors as clients. This includes hedge funds, private equity, venture capital groups, and asset managers, all of whom want the ability to trade crypto for their clients. In addition, Silvergate has almost 500 customers that are developing new crypto platforms and applications. How Silvergate makes money Silvergate is not a crypto custodian. It merely holds the dollars (in some cases, euros) involved in a crypto trade. How does this work? Suppose a venture capitalist ((VC)) wants the ability to trade millions of dollars in crypto 24/7. The VC might open up an account at Gemini, a crypto broker. The VC would simultaneously open a deposit at Gemini's bank (Silvergate) and house its dollars there in a trading account. So when the VC makes a trade on Gemini's platform, say it's an order to buy $1 million worth of Solana (SOL-USD), Gemini provides the crypto and houses it for the client. Meanwhile, at Silvergate the dollar amounts change hands from the VC's account to Gemini's account. In Q2, Silvergate reported $13.8 billion in deposits at the bank. From these deposits, Silvergate pulled in $70 million in interest payments. Overall the bank brought in $80 million in the quarter, so receiving interest on its deposits is the primary way Silvergate makes money right now. The accounts at Silvergate are trading accounts, so it doesn't pay out any interest. While rising interest rates are negative for crypto, for Silvergate this environment has a silver lining. The bank has $13.8 billion in deposits; higher interest rates produce more money for the bank. According to CFO Tony Martino, every time the Fed raises interest rates a quarter percent, Silvergate will make an additional $16 million over the next year. Since Martino said those words during the last conference call (July 19), the Fed has jacked up the interest rate 1.5%. So that rise in interest rates will add approximately $100 million to the top line over the next year. Silvergate brought in $240 million over the last 12 months, so an additional $100 million will be a rather significant increase, all due to the rise in interest rates. The stock is down about 66% off its highs Of course, the prices of various cryptocurrencies have dropped significantly in 2022. And Silvergate stock pretty much tracks the overall crypto market, and especially market leaders like Bitcoin (BTC-USD) and Ethereum (ETH-USD). When the crypto market goes negative, that definitely affects the market's view of Silvergate stock. And it's not irrational. In a bearish crypto market, one might expect the demand for Silvergate's banking services to drop. And, yes, there have been trading declines. The SEN had $191 billion in trading volume in Q2, down from $240 billion a year ago, when crypto prices were going through the roof. Yet the institutional customer list continues to grow. Silvergate had 542 institutions on its platform back in 2018. By 2021 that number had grown to 1,381. And it's still jumping higher, with almost 1,600 institutions now on the platform and another 300 waiting to be added. Despite the fall in trading volumes, Silvergate's revenues jumped almost 90% in Q2. In part, this growth happened because of interest rate increases. The Fed raised rates 0.5% in May and another 0.75% in June, so that goosed the numbers. The June raise happened late in the second quarter, so it probably had a minimal effect on Silvergate's numbers in Q2. I'm expecting a very nice spike in revenues in the second half of the year. Just on the interest rate increases alone, Silvergate's numbers will be very nice. As for the stock, it's gotten a lot cheaper. The price/earnings multiple has shrunk from 52 a year ago to 22. So right now there are many reasons to be bullish. Revenues are up 90% in the most recent quarter, and are likely to spike higher still in Q3 and Q4. The bank's profit margins are a beautiful 45%. The multiple has shrunk and the market has gotten very pessimistic about crypto (and tech stocks in general). So there's a lot of room for an upside surprise. What are the risks? The main risk for Silvergate is fairly obvious - crypto might go to zero. That's what Warren Buffett says, and a lot of bankers feel that way. If crypto is tulip mania all over again, then this will be a bad stock to own. Personally, I'm very bullish on a minority of the crypto universe that I think has a strong future. And yet I would also agree that most of the crypto universe is essentially worthless. It reminds me of the internet industry 25 years ago. The vast majority of startups flopped and went nowhere. But the internet itself has been a hugely rewarding area for investment. I think crypto is like that - there will be a few massive winners and a lot of potential sinkholes. The people who are negative on crypto are only looking at the "currency" aspects, and are ignoring the blockchain revolution. Software developers are very excited about the blockchain. In fact, the big fight over crypto is a fight between software developers (who are very passionate believers in this new technology) and traditional bankers (who are very skeptical about a value add). Alan Lane and his team at Silvergate are highly unusual bankers in that they saw the possibilities in crypto almost a decade ago. Your average banker might believe that crypto is "worthless," but these same bankers are now offering crypto services to their clients.
Seeking Alpha • Sep 12

Silvergate: A Crypto Stock Trade That's Outperforming

Summary Silvergate provides financial services to companies dealing in digital currencies. It has followed crypto movements to the upside but is not dependent on BTC climbing in price for the stock to appreciate. Technical strength off the July low has signaled the likelihood that a major bottom is in place and price is going much higher. Produced with Avi Gilburt and Ryan Wilday This article will delve into a high-quality technical setup that's developing in Silvergate Capital Corp. (NYSE:SI). Silvergate Capital provides solutions for lending, payments, and funding to a growing array of companies in the digital currency space. They also offer financial services such as commercial banking and commercial business lending. So, while Silvergate has risen and fallen in sympathy with the crypto market as it's deep in the digital currency service space, its destiny is not entirely tied to movements in Bitcoin. That said, regarding Bitcoin, though the path forecasted in the various "Moonpath" articles published over the past several months has clearly been incorrect, our expectations are still quite bullish over the next 1-3 years. We still see BTC going substantially higher and rewarding investors with longer time horizons. Though not exciting in and of itself, SI is down roughly 38% year-to-date as of writing this article, whereas BTC is down approximately 58%. From the 2022 low, which was struck in July, SI is up over 82% as compared to BTC, which is up about 10% from its June low. Please see the charts below as visual aid for the technical analysis: SI Daily Chart (Jason Appel (Crypto Waves)) First, starting with the daily chart. Our larger degree perspective is that SI has rallied impulsively off the 2020 low. The November high can count as a wave (5), thereby completing a full 5 waves up as shown in blue. However, inside of an impulse, waves (1), (3), and (5) should all be 5 wave moves, and while the rally from the May 2021 low into November exceeded the February high, it did not do so as a clear 5 waves. As such, we are open to the possibility that the recent low has completed a wave (4) of the initial (expected) 5 waves up from the 2020 low; or that the recent low constitutes Primary wave 2 of a much bigger degree 5 up in formation. Given a clearly corrective move from the high (whether that's counted from February or November 2021) into the July 2022 low, and now an impulsive rally from that low, expectations are for substantially higher levels to come in both cases: whether as wave (5) in black or wave (1) of circle 3 in blue. SI micro chart (Jason Appel (Crypto Waves)) Next, let us observe the micro chart (above) showing a detailed display of the wave structure since the July 2022 low. In this case, we have a clear 5 wave structure with appropriate proportions in length among the waves and each of the motive subwaves, i, iii, and v are all smaller degree fractal impulses. In our Fibonacci Pinball methodology, after an initial 5 waves up, in this case wave i, expectations are for a corrective pullback that only retraces a portion of the initial advance. Following the initiation move and first pullback, i.e., the i-ii, an impulse then follows with a 5 wave move which should ideally exceed the 1.382 extension of the initial wave i. That is our wave iii, and in this case, SI nearly reached the 2.0 extension of wave i for the wave iii. Following the completion of wave iii, price is expected to retrace a small portion of the wave iii advance and should ideally maintain well above the wave i high. SI did exactly that, pulling back into support for wave iv in late July. From there, the completion of the impulse depends on price forming another micro 5 wave rally, exceeding the wave iii high and ideally, doing so just by a few Fibonacci extensions before topping. As you can see, SI very nicely followed this structure for all 5 waves composing the wave 1. The significance of the 5 wave move is that, in Elliott Wave, we have observed that these impulse movements tend to imply that following a partial correction, price will continue in the direction of the trend. Lastly, let us examine the one-hour chart: SI 1hr chart (Jason Appel (Crypto Waves)) SI has a clear 3 wave move down from the August high into this week's low, right into the standard retrace support region, noted by the blue box on the chart. Furthermore, the rally from this week's low has surpassed the initial resistance, suggesting that a potential bottom has been struck in wave 2. Should price head south and form a lower low, please note that standard expectations for continuation higher dictate that the .618 retrace should ideally hold. That is at the $67.83 level. As such, we consider support to range all the way down to roughly $67 in the event that this week's low is breached. Should $67 break, while it does not constitute an invalidation of the larger setup presented, it would cast greater doubt on the prospect of upside follow through.
Analiz Makalesi • Jul 24

This Just In: Analysts Are Boosting Their Silvergate Capital Corporation (NYSE:SI) Outlook for This Year

Celebrations may be in order for Silvergate Capital Corporation ( NYSE:SI ) shareholders, with the analysts delivering...
Seeking Alpha • Jul 18

Silvergate Capital Q2 2022 Earnings Preview

Silvergate Capital (NYSE:SI) is scheduled to announce Q2 earnings results on Tuesday, July 19th, before market open. The consensus EPS Estimate is $0.85 (+6.2% Y/Y) and the consensus Revenue Estimate is $70.32M (+65.7% Y/Y). Over the last 1 year, SI has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 5 upward revisions and 2 downward. Revenue estimates have seen 4 upward revisions and 2 downward.
Seeking Alpha • Jul 07

Silvergate Capital: Reasonable Valuation But A Poor Chart Ahead Of Earnings

Amid the crypto carnage is an intriguing regional bank that features an attractive valuation. Silvergate Capital is 75% off its 2021 peak ahead of a July 19 earnings date. Its chart is broken, however, and traders should take profits on rallies. Silvergate Capital (SI) is a $1.9 billion market cap crypto banking company in the Financials sector. The California-based regional bank is at the heart of recent crypto volatility, but SI also has diversifying activities differentiating it from other pure-crypto plays. Unlike many, once high-flying crypto-related stocks, Silvergate actually makes money and sports a reasonable price-to-earnings ratio of just under 20x as of July 6. According to Bank of America Global Research, Silvergate Capital provides infrastructure solutions and services to participants (exchanges and global investors) of the digital currency industry. Through its proprietary global payments network, the Silvergate Exchange Network, clients can settle fiat-denominated transactions instantly. BofA notes that SI's digital asset deposits are a whopping 93% correlated with the price of Bitcoin. That's a significant risk. And we can see that in the tight correlation between SI shares and the spot price of Bitcoin over the last year. SI & Bitcoin: Nearly a Perfect Match StockCharts.com BofA believes the upcoming quarterly earnings report will be particularly pivotal for Silvergate. They see digital currency deposits about stable from the prior quarter - that will be a key metric to watch. Overall, BofA anticipates EPS of $0.82, which is below consensus. Looking ahead, strong profit growth is forecast through next year, but so much of that depends on what happens with the crypto market. Assuming big EPS growth, the stock's P/E ratio begins to turn quite attractive. The PEG ratio is about 1.0x given that growth rate. Silvergate's EPS Forecast & Valuation Outlook BofA Global Research Silvergate reports Q2 results on Tuesday, July 19, BMO, according to Wall Street Horizon. It is among the early reporters this upcoming earnings season. A conference call follows later that morning. The Wall Street Journal shows a Q2 EPS estimate of $0.87, which would be solid growth from $0.80 of earnings in the same quarter a year ago. The stock climbed sharply after it reported first-quarter earnings back on April 19, beating analyst estimates by $0.35, but those gains quickly evaporated. Corporate Event Calendar: Critical Earnings on July 19 BMO Wall Street Horizon The Technical Take While the stock looks rather cheap given its earnings growth and a much more down-to-earth valuation these days, we must look at the charts to get a sense of not just price trend, but also overall sentiment and momentum. A key bearish move happened in May when shares broke below the important $80 to $87 range. Notice in the chart below that the $80s was resistance in early 2021 before surging above it a few weeks later. The stock then defended the $80s many times from 2021 through early this year. Unfortunately, a breakdown finally came two months ago, and a bounce back in June was rejected precisely at the breakdown point.
Analiz Makalesi • Mar 28

Here's Why We Think Silvergate Capital (NYSE:SI) Is Well Worth Watching

Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...
Seeking Alpha • Feb 04

Silvergate Capital: The First Blockchain Bank

Silvergate Capital is genuinely the first bank of Crypto. Cryptocurrencies adoption will drive future growth. The day to day operations have  been showing fundamental improvement. Risks are elevated due to the impending crypto winter. Valuation represents a good price for growth investors attempting to catch this falling knife.

Bu bölümde, yatırımcıların şirketin kâr elde etme kabiliyetini anlamalarına yardımcı olmak için genellikle profesyonel analistlerin fikir birliği tahminlerine dayanan gelir ve kazanç büyüme tahminlerini sunuyoruz. Ancak Silvergate Capital yeterli geçmiş veri sağlamadığından ve analist tahmini olmadığından, gelecekteki kazançları geçmiş verileri ekstrapole ederek veya analist tahminlerini kullanarak güvenilir bir şekilde hesaplanamaz.

SimplyWall St tarafından kapsanan şirketlerin %97'si geçmiş finansal verilere sahip olduğu için bu oldukça nadir bir durumdur.

Kazanç ve Gelir Büyüme Tahminleri

OTCPK:SICP - Analistlerin gelecek tahminleri ve geçmiş finansal verileri (USD Millions )
TarihGelirKazançlarSerbest Nakit AkışıFaaliyetlerden NakitAvg. Analist Sayısı
12/31/2022-601-949N/AN/AN/A
9/30/2022281120164230N/A
6/30/202224310264125N/A
3/31/20222068853113N/A
12/31/2021175767880N/A
9/30/202115266-73-73N/A
6/30/202112350-407-407N/A
3/31/202110234-435-434N/A
12/31/20209026-480-479N/A
9/30/20208221-344-343N/A
6/30/20208120-78-77N/A
3/31/20207920-182-181N/A
12/31/20198725-128-127N/A
9/30/20199329-104-101N/A
6/30/20199129-20-17N/A
3/31/20199028-44-42N/A
12/31/20187922-6-3N/A
9/30/20186816810N/A
6/30/2018601223N/A
3/31/2018521023N/A
12/31/2017458-19-18N/A
12/31/20163673637N/A

Analist Gelecek Büyüme Tahminleri

Kazançlar ve Tasarruf Oranları: SICP 'un tahmini kazanç büyümesinin tasarruf oranının ( 3.5% ) üzerinde olup olmadığını belirlemek için yeterli veri yok.

Kazançlar ve Piyasa: SICP 'un kazançlarının US pazarından daha hızlı büyümesinin öngörülüp öngörülmediğini belirlemek için yeterli veri yok

Yüksek Büyüme Kazançları: SICP şirketinin kazançlarının önümüzdeki 3 yıl içerisinde önemli ölçüde artıp artmayacağını belirlemek için yeterli veri bulunmuyor.

Gelir ve Pazar: SICP şirketinin gelirinin US pazarından daha hızlı büyüyeceğinin tahmin edilip edilmediğini belirlemek için yeterli veri yok.

Yüksek Büyüme Geliri: SICP şirketinin gelirinin yıllık 20% oranından daha hızlı artacağının tahmin edilip edilmediğini belirlemek için yeterli veri yok.

Hisse Başına Kazanç Büyüme Tahminleri

Gelecekteki Özkaynak Getirisi

Gelecekteki ROE: SICP 'un Özsermaye Getirisi'nin 3 yıl içinde yüksek olmasının öngörülüp öngörülmediğini belirlemek için yeterli veri yok

Büyüyen şirketleri keşfedin

7D

1Y

7D

1Y

7D

1Y

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2026/05/21 18:49
Gün Sonu Hisse Fiyatı2026/05/21 00:00
Kazançlar2022/12/31
Yıllık Kazançlar2022/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

Silvergate Capital Corporation 13 Bu analistlerden 0, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Jason GoldbergBarclays
Jason GoldbergBarclays
Brandon BermanBofA Global Research