LA JOLLA, Calif.–(BUSINESS WIRE)–Silvergate Capital Corporation (the “Company” or “Silvergate”) (NYSE:SI), the leading provider of innovative financial infrastructure solutions for the digital asset industry, today issued the following statement regarding its exposure to FTX and its related entities (“FTX”):

“In light of recent developments, I want to provide an update on Silvergate’s exposure to FTX. As of September 30, 2022, Silvergate’s total deposits from all digital asset clients totaled $11.9 billion, of which FTX accounted for less than 10%. Silvergate has no outstanding loans or investments in FTX, and FTX is not the custodian of Silvergate’s bitcoin-backed SEN leveraged loans. To be clear, our relationship with FTX is limited to deposits,” said Alan Lane, CEO of Silvergate.

Lane continued: “To date, all SEN Leverage Loans have continued to operate as intended with no losses or forced liquidations. As a reminder, all SEN Leverage Loans are collateralized by Bitcoin, and we do not provide unsecured loans or collateralize SEN Leverage Loans with other digital assets.

Lane concluded: “Silvergate’s platform was designed to support our customers during times of market volatility and transformation, and the SEN has continued to operate as intended and uninterrupted. As a well capitalized federally regulated banking institution, we maintain a strong balance sheet with sufficient liquidity to meet the needs of our customers.

Upcoming conferences

CEO Alan Lane will participate in a fireside chat during the Oppenheimer Blockchain & Digital Assets Summit at 2:55 p.m. ET on Thursday, November 17, 2022.

Interested investors and other parties can access a live webcast of the presentation by visiting the Investor Relations section of Silvergate’s website at ir.silvergate.com. An online replay will be available on the same website following the presentation.

About Silvergate

Silvergate Capital Corporation (NYSE:SI) is the leading provider of innovative financial infrastructure solutions and services for the growing digital asset industry. The company’s real-time payments platform, known as the Silvergate Exchange Network, is at the heart of its suite of customer-centric payment, lending and financing solutions, serving a growing class from digital asset companies and investors around the world. Silvergate is enabling the rapid growth of digital asset markets and reshaping global commerce for a digital asset future.