Silvergate, the crypto bank that was targeted by the SEC after the bankruptcy of FTX and Alameda but received investments from a giant firm like BlackRock, postponed the SEC report it was required to file. With this announcement, shares lost more than 30%.
Slvergate Bank, which liquidated $8 billion in assets after the FTX and Alameda bankruptcies and reported a $1 billion loss in January, failed to file its annual Form 10k with the SEC.
Expected Loss at Silvergate to Increase
The company’s statement said the institution’s losses are expected to increase in the coming period and a new assessment of those new losses is due by March 16.
10-k reports are required to be filed with the SEC and describe the financial performance of publicly traded companies in the United States. The goal is to provide investors with a comprehensive description of the company’s business performance.
Following Silvergate’s announcement, the value of the company’s shares fell more than 30 percent in a short period of time.
The Takeover Continues
State Street, one of the largest banks in the United States, announced in early February that it had acquired a 9.3 percent stake in Silvergate. BlackRock, the world’s largest asset manager, announced in its SEC report that it had increased its stake in Silvergate to 7.2 percent.
Although the confidence problem with Silvergate persists, it is well known that there are many people who see it as a buying opportunity. After all, with its infrastructure and solid partners, the company needs to overcome this problem in the medium and long term.
In some reddit accounts, there are even many addresses that claim that this decline is intentional and that a study is being conducted to collect more shares.
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