Silvergate Bank

So much has happened in the last week that it may be helpful to look at the totality of these events in relation to bitcoin.

Once a major banking partner for various cryptocurrency firms, Silvergate will end its operations in line with regulatory requirements.

Silvergate clients flee as stock price plummets and regulatory questions mount across the industry. Options for crypto banking partners are dwindling.

Michael Saylor took to Twitter to assure investors that MicroStrategy’s balance sheet is well-positioned to avoid a margin call in its bitcoin-backed loan.

Silvergate saw customers deposit an average of $14.7 billion worth of bitcoin and cryptocurrency to the firm’s platform during the first quarter of this year.

MacroStrategy, subsidiary of MicroStrategy, closed on a $205 million loan through Silvergate Bank, collateralized by bitcoin in order to purchase more bitcoin.