Silvergate Capital (SI), the crypto-focussed bank, reported net loss attributable to shareholders of $1 billion for the three months-ended Dec. 31, 2022.

The loss figure compares to net income of $18 million for the equivalent quarter in 2021 and net income of $40.6 million for the previous quarter. The losses in Q4 culminated to full-year losses of around $949 million, compared to net income of $75.5 million in 2021.

Silvergate's results for the quarter were foreshadowed at the start of January when the firm said it saw an outflow of $8.1 billion during Q4 and that it had slashed 40% of its staff. In relation to the workforce reduction, the firm expects to incur restructuring charges of $8.1 million, the majority of which it will pay this quarter.

(By Jamie Crawley)

Related News:

Silvergate Writedown Casts Doubt on Future of Meta’s Failed Stablecoin Project

Silvergate Hit With Another Class Action Suit, This Time for Securities Law Violations

Silvergate Received a $4.3B Bailout After FTX Collapse

ARK Fund Unloads Silvergate Stake as Customers Flee Crypto Bank

JPMorgan Downgrades Silvergate Capital After 4Q Results, Shares Slump