Summary: Crypto bank Silvergate Capital has suspended dividends on its preferred stock, citing a need to preserve capital amid the volatile digital asset industry, according to reports by CoinDesk. As a result, Silvergate’s preferred stock fell more than 26% at $8.43 while its common shares fell 6% at $13.26. The bank's stock lost around 90% of ...

Crypto bank Silvergate Capital has suspended dividends on its preferred stock, citing a need to preserve capital amid the volatile digital asset industry, according to reports by CoinDesk.

As a result, Silvergate’s preferred stock fell more than 26% at $8.43 while its common shares fell 6% at $13.26.

The bank's stock lost around 90% of its value in 2022 following the fall of several crypto firms that year.

Author: Katie Lin