Crypto Bank Silvergate Capital Net Profit Grows by 84%

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The net profit of the digital asset-friendly bank Silvergate Capital in Q2 2022 amounted to $38.6 million (+84% compared to April-June 2021), Yahoo Finance reports.

In the pre-trading session, the shares of the institution rose by 12.5%. At the moment, the stock is trading near the $72 level.

Silvergate Capital has lost 56.1% since the beginning of the year.

Diluted net income per share was $1.13 compared to $0.8 last year and $0.79 in January-March.

The volume of transfers in the Silvergate Exchange Network for the last reporting period grew by 34% qoq and decreased by 20% compared to the second quarter of 2021, to $191.3 billion.

We should note the bank continues to develop the SEN Leverage secured lending program in BTC. As of June 30, the value of outstanding loans issued under the initiative was $1.4 billion.