Silvergate's Q3 Net Income and Revenue Jumps 73%

Crypto bank Silvergate Capital Corporation's (SI) third quarter net income attributable to shareholders and revenue both jumped 73%.

The firm's quarterly net income attributable to shareholders rose to $40.6 million, or $1.28 per diluted common share, from $23.5 million, or $0.88 per diluted share, in 2021.

The bank grew its customer base to 1,677 as of Sept. 30, compared to 1,305 as of September 30, 2021, the firm said on Tuesday.

The Silvergate Exchange Network (SEN) handled transactions worth $112.6 billion during the third quarter.

Earlier this month, Wells Fargo Wells downgraded the stock from overweight to underweight, and cut its price target to $70 from $11. Silvergate is one of the most asset-sensitive banks, but deposit outflows due to weaker crypto prices more than offset the benefits from higher interest rates, according to Wells Fargo.

Read more: Silvergate's Q2 Net Income Jumps 85%, Shares Spike