Silvergate Capital says ‘exposure to Genesis is minimal’

Silvergate Capital announced a business update in connection with the recently announced bankruptcy filing by Genesis Global Holdco, LLC and its subsidiaries Genesis Global Capital LLC and Genesis Asia Pacific PTE LTD. "Silvergate’s deposit relationship with Genesis was less than $2.5 million as of both December 31, 2022 and January 19, 2023. Genesis is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans and Silvergate has no outstanding loans to nor investments in Genesis. While this continues to be a turbulent time in the digital asset industry, Silvergate’s exposure to Genesis is minimal and customers’ deposits are, and have always been, safely held."