Tag: Stock

Cathie Wood’s ARK ignores Silvergate, buys Coinbase stock for 6th straight month

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Bitcoin (BTC) exchange Coinbase has remained a firm “buy” for ARK Invest throughout its recent price drop. The latest data shows ARK continuing to buy COIN shares despite bankruptcy concerns over Silvergate bank, a major Coinbase partner. ARK ETF keeps topping up on Coinbase stock In the latest demonstration of its fearless approach to the crypto space, ARK purchased another 47,568 shares of Coinbase on March 7. These join the around 6 million shares already held in ARK’s ARKK exchange-traded fund (ETF) at the start of the month, and are…

MicroStrategy, Tether adds to firms distancing from Silvergate as stock dives 57%

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Business intelligence firm MicroStrategy and stablecoin issuer Tether have become the latest two firms to publicly deny any meaningful exposure to Silvergate Bank. The news comes after Silvergate announced on March 1 that it would postpone the filing of its annual 10-K financial report, which has many fearing the cryptocurrency bank may be on the brink of a bankruptcy filing. This led MicroStrategy — which holds over 130,000 Bitcoin (BTC) — to confirm that its BTC collateral is not custodied with Silvergate. The Michael Saylor-founded firm added that it will not…

Crypto Clients Flee Silvergate Bank, Stock Falls 50%

On Thursday, Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini all announced they would suspend Automated Clearing House (ACH) transfers and other business operations with the bank, days after crypto derivatives provider LedgerX announced the same. Kraken appears to be the only major crypto exchange to continue using Silvergate, having ended some transactions with rival bank Signature (SBNY) on Wednesday. Source

Bitcoin price risks $23K rerun as Coinbase stock falls over Silvergate

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Bitcoin (BTC) erased early-month gains on March 2 as fresh market uncertainty erupted over solvency of crypto bank Silvergate. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price avoids Silvergate, Coinbase stock slip Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $23,206 on Bitstamp, down around 1.5% on the day. The pair came under pressure as rumors swirled over the fate of Silvergate, which lost United States exchange Coinbase as a client in a decision the latter said came out of “an abundance of caution.” Silvergate had suffered as…

Silvergate Stock Tumbles 45% After ‘Going Concern’ Filing

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Pro-Crypto Bank Silvergate Sees Stock Drop amid DOJ Congressional and Bank Regulator Inquiries

The stock of beleaguered crypto bank Silvergate has taken a new hit as the company weathers intense regulatory inquiries over its FTX association.  Silvergate (NYSE: SI) stock plunged more than 10% in after-hours trading after the crypto-friendly bank revealed it might face regulatory inquiries. Yesterday, Silvergate Capital also announced a delay in filing its annual report due to the inquiry. The bank’s health has been the subject of concern over the last few months following FTX’s collapse in November. Meanwhile, amid the current drawdown of its stock and regulatory inquiries, Silvergate revealed that…

TSLA Stock Declines Over 5% as Tesla Goes Short on Specifics on New Products or Services at 2023 Investor Day

The automaker plans to ramp up battery production for all vehicles and utility-scale energy storage systems. It appears investors are not pleased with the outcome of the Tesla 2023 Investor Day held on in Austin, Texas. CEO Elon Musk and other executives at the manufacturing company discussed Tesla’s position to influence a global shift from fossil fuels to renewable energy. Although Musk shared the “Master Plan 3” and spoke on the plans to advance amid increasing competition, the presentation was short on specifics on new products and services to expect.…

Silvergate stock plunges 31% after delayed filing raises doubts over future

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Silvergate Bank has announced that it will delay the filing of its annual 10-K report, which has sent its stock price down over 30% after hours. A 10-K report is a document required by the Securities and Exchange Commission which provides a comprehensive overview of the company’s business and financial condition. The crypto bank stated that it would need an additional two weeks to complete the report for the 2022 fiscal year. Silvergate explained in its late filing notice that it sold additional debt securities in January and February and…

Silvergate Stock Plunges as Bank Says It May Face DOJ, Congressional and Bank Regulator Inquiries

The Silvergate filing continued: “There are or will be important factors that could cause the Company’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to … restrictions on the Company’s business, resulting from various litigation (including private litigation) and regulatory and other inquiries and investigations against or with respect to the Company, investigations from our banking regulators, congressional inquiries and investigations from the U.S. Department of Justice.” Source

Tel Aviv Stock Exchange Proposes Crypto Trading, Faces Regulatory Resistance

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The Tel Aviv Stock Exchange (TASE) has created a groundbreaking move towards offering crypto trading, marking the first time it has proposed allowing its clients to trade digital assets. The stock exchange has published a draft to approve expanding crypto trading activities to non-banking members, which is open for public comments. The proposal will enable customers to deposit fiat money specifically for investments in digital assets.   If approved, non-banking members will be licensed providers for crypto trading and custodial services. The customer funds will be placed in an “omnibus…