Techub News reported that according to Reuters, Silvergate Bank's parent company Silvergate Capital has filed for bankruptcy in Delaware, plans to complete liquidation and will use the remaining cash to repay creditors.
Silvergate, which primarily serves clients in the cryptocurrency industry, ceased operations in March 2023 and returned deposits to clients. After repaying customer deposits, Silvergate Capital has approximately $163 million in cash, which will be distributed among stakeholders in bankruptcy. Silvergate expects to repay the $18 million owed in full and pay preferred stockholders, but does not expect to repay common stockholders.
