Silvergate suspends dividends to preserve 'highly liquid balance sheet'

01/28 06:31

According to Cointelegraph, California-based crypto bank Silvergate has suspended dividend payouts to preserve its “highly liquid balance sheet.” In a Jan. 27 announcement, the firm stated that it is halting “the payment of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, in order to preserve capital.” The company outlined that it made the decision so that it can weather the storm of crypto winter, but did stress that it still maintains a “cash position in excess of its digital asset customer-related deposits.” “This decision reflects the Company’s focus on maintaining a highly liquid balance sheet with a strong capital position as it navigates recent volatility in the digital asset industry.”

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