MicroStrategy and Tether are the latest firms to argue no material exposure to Silvergate Bank, a day after the crypto bank delayed its annual 10-K financial report.
Business intelligence firm MicroStrategy and stablecoin issuer Tether have become the latest two firms to publicly deny any meaningful exposure to Silvergate Bank.which has many fearing the cryptocurrency bank may be on the brink of a bankruptcy filing.— to confirm that its BTC collateral is not custodied with Silvergate.
The Michael Saylor-founded firm added that it will not need to pay back a loan from Silvergate until Q1, 2025, and that a bankruptcy or insolvency event wouldn’t “accelerate” the loan repayment. We have a loan from Silvergate not due until Q1 ‘25. There are mkt concerns re SI’s fin. condition. For anyone wondering, the loan wouldn’t accelerate b/c of SI insolvency or bankruptcy. Our BTC collateral isn’t custodied w/ SI & we have no other financial relationship w/ SI.
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