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Why Shares of Silvergate Capital Are Rising This Morning

·2 min read
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Shares of the crypto bank Silvergate Capital (NYSE: SI) had jumped roughly 11% in premarket trading as of 9:03 a.m. ET Tuesday after the company reported earnings for the second quarter of the year. Silvergate reported diluted earnings per share of $1.13 on total revenue of nearly $80 million for the quarter, easily topping analyst estimates. The bank has developed a proprietary real-time payments network, called the Silvergate Exchange Network (SEN), that better facilitates crypto trading between crypto exchanges and institutional investors.