Year to date, Silvergate shares have shed 98%, and had once closed as high as $222.13 back on Nov. 3, 2021, according to FactSet data. In March, Silvergate was forced to wind down operations of cryptocurrency-friendly Silvergate Bank. That occurred a few days before the failure of Silicon Valley Bank on March 10. Crypto-friendly Signature Bank failed on March 12, and was acquired by New York Community Bancorp. NYCB, -3.90% in May. Prior to the announced wind-down plans in March, ongoing concern over Silvergate's ability to stay afloat had triggered selloffs of bitcoin BTCUSD, -0.07% and ether ETHUSD, -0.33%, following announcements from Coinbase Global Inc. COIN, -2.02% and other crypto exchanges that they would halt transactions with Silvergate.