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2023 FBG Stock Contest (1 Viewer)

dancingbones

Footballguy
I'm new to this game, but I'll take Silvergate (SI) for a play on the staying power of crypto (whatever hasn't yet killed it has to make it stronger, yes?)

S & P - 4196 & the recession that wasn't

Optimist here. :wall:

(edit for poor spelling!)
This was looking good yesterday - today, not so much! :clyde:
 

dancingbones

Footballguy
I'm new to this game, but I'll take Silvergate (SI) for a play on the staying power of crypto (whatever hasn't yet killed it has to make it stronger, yes?)

S & P - 4196 & the recession that wasn't

Optimist here. :wall:

(edit for poor spelling!)
This was looking good yesterday - today, not so much! :clyde:
-27.76% jesus. maybe ill buy now :popcorn:
And just like that -34.37% ... at this clip will be at :2cents: sometime next week :drive:
 

KGB

Footballguy
I'm new to this game, but I'll take Silvergate (SI) for a play on the staying power of crypto (whatever hasn't yet killed it has to make it stronger, yes?)

S & P - 4196 & the recession that wasn't

Optimist here. :wall:

(edit for poor spelling!)
This was looking good yesterday - today, not so much! :clyde:
-27.76% jesus. maybe ill buy now :popcorn:
And just like that -34.37% ... at this clip will be at :2cents: sometime next week :drive:
Cathy woods sold and added to Coinbase
 

dancingbones

Footballguy
I'm new to this game, but I'll take Silvergate (SI) for a play on the staying power of crypto (whatever hasn't yet killed it has to make it stronger, yes?)

S & P - 4196 & the recession that wasn't

Optimist here. :wall:

(edit for poor spelling!)
This was looking good yesterday - today, not so much! :clyde:
-27.76% jesus. maybe ill buy now :popcorn:
And just like that -34.37% ... at this clip will be at :2cents: sometime next week :drive:
Cathy woods sold and added to Coinbase
Well, she clearly wasn't the only one selling.

I opened a small position (talking $500 here) in mid November & will ride it out - but I have not taken the opportunity to add any here. Writing on the wall does not look good currently - what a difference a week makes!
 
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KGB

Footballguy
I'm new to this game, but I'll take Silvergate (SI) for a play on the staying power of crypto (whatever hasn't yet killed it has to make it stronger, yes?)

S & P - 4196 & the recession that wasn't

Optimist here. :wall:

(edit for poor spelling!)
This was looking good yesterday - today, not so much! :clyde:
-27.76% jesus. maybe ill buy now :popcorn:
And just like that -34.37% ... at this clip will be at :2cents: sometime next week :drive:
Cathy woods sold and added to Coinbase
Well, she clearly wasn't the only one selling.

I opened a small position (talking $500 here) in mid November & will ride it out - but I have not taken the opportunity to add any here. Writing on the wall does not look good currently - what a difference a week makes!
Heard. Just adding the small amount of info I read
 

dancingbones

Footballguy
Is "SI" a buy now?
Crazy movement today - I haven't added any - personally will start to reconsider if/when it dips below $11 again - and I currently have enough eggs in that basket for my risk/ reward tolerance
Well, it has defintely dipped below $11 - making a beeline to the bottom it seems. Passing on the opportunity to add & it seems like the thesis for this one as a crypto infrastructure play has been pummelled & unlikely to recover. :clyde:

Silvergate's stock plunges as crypto bank warns it may go out of business​

12:05 pm ET March 2, 2023 (MarketWatch)

Print
By Steve Gelsi

Silvergate's stock loses 44% of its value as the company delays its financial statements after posting an unaudited loss of nearly $950 million in 2022

Silvergate Capital Corp.'s stock lost more than 40% of its value Thursday after the company delayed its financial statements and said it is evaluating its ability to continue operating for the next 12 months, as the crypto-asset bank scrambles to cover withdrawals tied to the meltdown of the crypto market.

Silvergate (SI) said in a filing that it expects to record further losses related to its impairment on its securities portfolio after selling additional debt securities to cover withdrawals.

Silvergate's stock dropped 44.5% to under $8 a share, a level not seen since March 2020, with at least one analyst downgrading the stock.

Separately, Coinbase Global Inc. (COIN) said it would stop sending payments to or receiving payments from Silvergate, "in light of recent developments and out of an abundance of caution," the company tweeted Thursday.

Coinbase plans to facilitate institutional client cash transactions with its other banking partners, the company tweeted Thursday.

Coinbase's stock fell nearly 8%, while shares of Signature Bank (SBNY), another financial-services company that works with digital currencies, fell 5.6%.

Silvergate disclosed in a filing an unaudited loss of $948.7 million in 2022, compared with net income of $75.5 million in 2021. It does not expect to be in a position to file audited results by the extension date of March 16, the company said.

"The company is evaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements," Silvergate said.

JPMorgan analyst Steven Alexopoulos downgraded Silvergate to underweight from neutral and withdrew a price target for the company.

Silvergate realized $886 million in losses from selling securities as crypto-related deposits fell 68% to $3.8 billion in its fourth quarter, the company announced in January.

"With the company having sold additional securities (beyond what was guided) at a loss in January/February, this reflects that the company is facing continued liquidity challenges," Alexopoulos said.

Wedbush analyst David Chiaverini cut his price target on Silvergate's stock to $9 from $13 and reiterated a neutral rating to reflect a "lack of near-term positive catalysts and [belief] the crypto market could remain suppressed with elevated interest rates for the next couple quarters" until a pause in rate increases by the U.S. Federal Reserve.

"[Silvergate] is managing to a smaller balance sheet to maintain regulatory capital ratios, which could impact its earnings power," he said.

Silvergate listed a number of accounting issues that it is working on, including:

Silvergate's independent registered public accounting firm is requesting details on such matters, and the company is responding to such requests.

Founded in 1988 and based in La Jolla, Calif., Silvergate provides banking and loan services with a focus on financial-infrastructure solutions and services for the digital-currency industry.

MarketWatch writer Frances Yue contributed to this report.

Also read: Feds coach banks on managing crypto liquidity crunches

-Steve Gelsi
 

Desert_Power

Footballguy
Well, it has defintely dipped below $11 - making a beeline to the bottom it seems. Passing on the opportunity to add & it seems like the thesis for this one as a crypto infrastructure play has been pummelled & unlikely to recover. :clyde:

$SI was a good bet for this contest.

It has been the most shorted stock in the indexes though. The combination of FTX blowup and rising interest rates definitely is a perfect storm for their business model. I think there is much more worry about the litigation potential than banking operations. I would be surprised if they were revealed to be liable for any of the FTX stuff.
 

KGB

Footballguy
Is "SI" a buy now?
Crazy movement today - I haven't added any - personally will start to reconsider if/when it dips below $11 again - and I currently have enough eggs in that basket for my risk/ reward tolerance
Well, it has defintely dipped below $11 - making a beeline to the bottom it seems. Passing on the opportunity to add & it seems like the thesis for this one as a crypto infrastructure play has been pummelled & unlikely to recover. :clyde:

Silvergate's stock plunges as crypto bank warns it may go out of business​

12:05 pm ET March 2, 2023 (MarketWatch)

Print
By Steve Gelsi

Silvergate's stock loses 44% of its value as the company delays its financial statements after posting an unaudited loss of nearly $950 million in 2022

Silvergate Capital Corp.'s stock lost more than 40% of its value Thursday after the company delayed its financial statements and said it is evaluating its ability to continue operating for the next 12 months, as the crypto-asset bank scrambles to cover withdrawals tied to the meltdown of the crypto market.

Silvergate (SI) said in a filing that it expects to record further losses related to its impairment on its securities portfolio after selling additional debt securities to cover withdrawals.

Silvergate's stock dropped 44.5% to under $8 a share, a level not seen since March 2020, with at least one analyst downgrading the stock.

Separately, Coinbase Global Inc. (COIN) said it would stop sending payments to or receiving payments from Silvergate, "in light of recent developments and out of an abundance of caution," the company tweeted Thursday.

Coinbase plans to facilitate institutional client cash transactions with its other banking partners, the company tweeted Thursday.

Coinbase's stock fell nearly 8%, while shares of Signature Bank (SBNY), another financial-services company that works with digital currencies, fell 5.6%.

Silvergate disclosed in a filing an unaudited loss of $948.7 million in 2022, compared with net income of $75.5 million in 2021. It does not expect to be in a position to file audited results by the extension date of March 16, the company said.

"The company is evaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements," Silvergate said.

JPMorgan analyst Steven Alexopoulos downgraded Silvergate to underweight from neutral and withdrew a price target for the company.

Silvergate realized $886 million in losses from selling securities as crypto-related deposits fell 68% to $3.8 billion in its fourth quarter, the company announced in January.

"With the company having sold additional securities (beyond what was guided) at a loss in January/February, this reflects that the company is facing continued liquidity challenges," Alexopoulos said.

Wedbush analyst David Chiaverini cut his price target on Silvergate's stock to $9 from $13 and reiterated a neutral rating to reflect a "lack of near-term positive catalysts and [belief] the crypto market could remain suppressed with elevated interest rates for the next couple quarters" until a pause in rate increases by the U.S. Federal Reserve.

"[Silvergate] is managing to a smaller balance sheet to maintain regulatory capital ratios, which could impact its earnings power," he said.

Silvergate listed a number of accounting issues that it is working on, including:

Silvergate's independent registered public accounting firm is requesting details on such matters, and the company is responding to such requests.

Founded in 1988 and based in La Jolla, Calif., Silvergate provides banking and loan services with a focus on financial-infrastructure solutions and services for the digital-currency industry.

MarketWatch writer Frances Yue contributed to this report.

Also read: Feds coach banks on managing crypto liquidity crunches

-Steve Gelsi
oof
 

Sand

Footballguy
Some folks killing it in here. I'm up a pedestrian 7% with FANG (plus an 8% divvy), but considering I bought it last year I'm happy so far. Shoulda bought NVDA, though!
 
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