Silvergate exists in a precarious place, where they're pretty big, but not 'too big to fail'.
Discussion
They might be dead in the water i agree, as I don’t think they will be bailed out. Just shame really, as their woes stem from poor liquidity management . Maturity duration miss match. It’s like needing your bitcoin tomorrow but you bought it at 25k and now it’s 20.2.. cos like a tree fell on your car and insurance ain’t covering.
They were making their money by taking Dollars for Shitcoins and basically running a money laundering operation. They deserve the flaming death spiral that they are in now.
I hear that - the VC’s bank, pump and dump for the big boys.