Long a defender of Silvergate Capital, Wall Street may be losing its stomach for the group that has positioned itself as a key banker for the cryptocurrency industry. Given the stock price has just about halved this week, that pessimism is understandable.
Shares in
Silvergate
(ticker: SI) plunged 43% on Thursday and were headed a further 11% lower in Friday premarket trading, bringing the stock’s performance over the past year to an eye-watering 91% loss.