SI, Silvergate capital, down 35.5% on after hours after it announced it is winding down the bank. From its peak $239, it is a mighty fall to $3.22. It is not just the SI, but many crypto firms are facing existential issues and some have gone bankrupt. Those who were “warning” against crypto can take a victory lap. Now, this is nothing new, the markets have seen boom and bust on many industries, and crypto is the latest one.
If you are someone who believes in spreading your bets across various asset class, then you may want to pick up some shares of whoever survives. There may be a next Amazon, a la buying AMZN at $0.30 Oct 2001.
PS: If you manage to buy it, don’t get scared and sell it, just hold on to it