On Tuesday, April 19, crypto-focused Silvergate Bank (NYSE: SI) reported stellar earnings for the first quarter of 2022. As the result, the bank’s SI stock registered the highest surge in more than a month’s time.
The Silvergate Bank (SI) stock gained a staggering 13.21% on Tuesday making its biggest single-day jump since March 9. On Tuesday, the SI stock ended up trading at the $131.67 level.
For Q1 2022, the crypto-focused bank reported earnings-per-share (EPS) of 79 cents. This was 75% more than the Street estimates of 45 cents. Furthermore, the bank reported a 36% surge in the number of digital currency customers, which jumped to 1503. In a note to investors, KBW Michael Perito wrote:
“The combination of higher rates plus Silvergate’s ability to put cash to work in higher yielding assets should have a dramatic impact on the bank’s earnings power moving forward as shown in the first quarter”.
Silvergate Bank’s Growing Business
Amid a strong surge in the number of crypto users, the bank is witnessing similar growth in its business. Although the broader crypto market had a rocky start to this year, average crypto deposits at the bank surged to $14.7 billion.
Trending Stories
Crypto-focused Silvergate Bank Reports Stellar Q1 Earnings, Stock Shoots 14%
Bitcoin NewsApeCoin (APE) Rallies Over 20% To Near Record High, Here's Why
Bitcoin NewsBreaking: After Listing Shiba Inu, Robinhood To Buy UK Crypto Firm Ziglu
Bitcoin NewsJust-In: CoinShares Leads Crypto Industry Protest Against EU Policies
Bitcoin NewsSandbox (SAND) Token Jumps 10% In Minutes, Here's Why
Bitcoin NewsAt the same time, the bank’s Bitcoin-collateralized crypto loans business nearly doubled. The Exchange Network Leverage Program of Silvergate Bank offers Bitcoin-collateralized dollar loans. The commitments for this program surged to $1.1 billion.
Recently, Silvergate Bank offer MicroStrategy a $205 million loan backed by $800 million worth of BTC collateral. The SI stock has remained volatile this year while largely tracking the BTC movement. Speaking of the development, Alan Lane, president and chief executive officer of Silvergate, commented:
“We started off 2022 on a strong note, driven by the power of our platform and continued progress on our strategic initiatives. I’m particularly pleased with our first quarter results when you consider that this was one of the most challenging periods for the broader crypto ecosystem since the beginning of the pandemic.
While volume on the Silvergate Exchange Network was impacted by broader industry trends, I remain encouraged by the continued growth we saw in customers, SEN Leverage commitments, and average deposits, which reached a record $14.7 billion”.
- Trending
- Price Analysis
- Crypto-focused Silvergate Bank Reports Stellar Q1 Earnings, Stock Shoots 14%
- ApeCoin (APE) Rallies Over 20% To Near Record High, Here’s Why
- Binance Coin (BNB) Prices Jump 5%, Here’s Why
- Just-In: Indian FinMin Bashes Crypto Over Money Laundering, Terrorism Risks
- Ripple Vs SEC: XRP Lawyer Explains How Both Sides Could Win
- Here’s How Traders Are Pumping Monero (XMR) Prices To 6-Mth Highs
- Unlike China, the Bank of Japan is Not Willing to Conduct Large Scale Pilot Tests for Digital Yen
- Terra’s LUNA Registers the Strongest Bounce by 15%, UST Becomes the Third-Largest Stablecoin
- Things You Should Know About DeFi Pools On YoBit Exchange
- Indian Lawmaker Bullish On NFTs Over Metaverse Prospects
- Bitcoin Price Prediction: BTC Price Bounces Back Near $41,000; Time To Enter?
- NEAR Price Prediction: Range Breakout Eyes NEAR Price Above $20.6 mark
- Decentraland Price prediction: MANA Price Seeks 20% Jump Amid Bullish Formation
- Terra Price Prediction: Terra Price Rallying North To Regain $100 Mark
- Sandbox Price Prediction: SAND Price Aims $3.6 Mark with Double Bottom Breakout
- Solana Price Prediction: SOL Price Consolidates Near $100.0; Is $130 Possible?
- Stacks Price Prediction Potential Bull Cycle May Push STX Price to $1.45
- NEAR Price Prediction: Bearish RSI Divergence Hints Price Correction Towards $13.90
- KuCoin Price Analysis: KCS Buyers Rallying North to Rechallenge $21.5
- Polkadot Price Analysis: RSI Divergence May Push DOT Price Back To $23