{"id":129907,"date":"2020-12-10T02:09:59","date_gmt":"2020-12-09T23:09:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/silvergate-capital-tanks-as-board-member-dumps-shares\/"},"modified":"2020-12-10T02:09:59","modified_gmt":"2020-12-09T23:09:59","slug":"silvergate-capital-tanks-as-board-member-dumps-shares","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/silvergate-capital-tanks-as-board-member-dumps-shares\/","title":{"rendered":"# Silvergate Capital tanks as board member dumps shares"},"content":{"rendered":"

“# Silvergate Capital tanks as board member dumps shares <\/strong>”<\/p>\n

Shares of Silvergate Capital (NYSE:SI) are in freefall this week, while the U.S. Securities and Exchange Commission, or SEC, has revealed a large liquidation of company stock by board member Thomas Dircks.\u00a0<\/p>\n

The security regulator\u2019s Form 4 documentation\u00a0shows<\/a> Dircks sold 60,000 Class A Common Stock over eight transactions on Dec. 8. The largest transaction was the disposal of 37,192 shares at a price of $40.72. <\/p>\n

In total, the sales netted Dircks over $2.4 million. <\/p>\n

Dircks is listed as a member of the board for Silvergate Bank, which provides lending and deposit services for \u201cinnovative businesses in fintech and cryptocurrency.\u201d He is also a managing director to Charterhouse Strategic Partners, which invests in numerous ventures from cryptocurrency to healthcare and up to wireless infrastructure. <\/p>\n

Dircks, who is listed as a 10% owner in Silvergate via Charter Digital and a “family foundation,” app<\/a>ears to have initiated the sale shortly after SI reached new all-time highs earlier in the week.\u00a0\u00a0<\/p>\n

Silvergate closed at $44.53 on Monday, the eve of the dump, which was a new all-time high. It has since declined 16.4% over two trading days, including an 8.9% fall on Wednesday where it closed at $37.21. Year-to-date, SI has more than doubled. At its peak, it was up nearly three times since the start of 2020.\u00a0<\/p>\n

SI stock’s year-to-date performance by Yahoo Finance<\/em><\/figcaption><\/figure>\n

The sale triggered heavy volatility in SI stock on Wednesday, with trade volumes more than three times higher than normal.\u00a0<\/p>\n

As Cointelegraph reports, Silvergate went public in Nov 2019 following a successful IPO. At the time, the company boasted of more than 750 cryptocurrency customers. <\/p>\n