Silvergate Capital misses estimates as Crypto Bank sees $1 billion quarterly loss


Silvergate capital

saw a net loss of $1 billion in the fourth quarter — more than the bank has made cumulatively in years — as revenues were hit by a collapse in the crucial cryptocurrency space on which it bet its future.

The group reported a loss of $1 billion, or $33.16 per share, in the fourth quarter, which is more than the $870 million loss expected among analysts surveyed by FactSet.

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