Signature Bank plummets in share price pre-market, after news of Silvergate halting operations Quick Take
- As of March 9, Silvergate will halt operations and undergo liquidation.
- Silvergate saw a 70% drop in deposits in Q4, followed by a 90% drop two days later, which coincided with the worst bond performance in over 200 years.
- This equated to roughly $13 billion in demand deposits being withdrawn in minutes with only $1.4B cash.
- Silvergate Capital shares are down 44.6% pre-market.
- The Signature Bank is currently 7% down pre-market and 9% down year-to-date.
- While Signature Bank deposits are less liquid than Silvergate were, they also saw deposits decrease YOY for the first time.
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James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
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