Silvergate Capital ( NYSE: SI ) stock advanced as much as 3.5% in Wednesday premarket trading even after KBW downgraded shares of the crypto-friendly bank to Market Perform from Outperform on the basis of "increasingly limited visibility" on its outlook. "With the time-line of resolution around certain items such as FTX ( FTT-USD ) legal proceedings increasingly not clear, we think a neutral fundamental view makes more sense," analyst Michael Perito wrote in a note. The bank's role within collapsed crypto exchange FTX ( FTT-USD ), though, "is being misrepresented," he contended, noting Silvergate ( SI ) still has a solid cash buffer despite significant digital asset deposit outflows late last year. The Market Perform rating disagrees with the Quant system rating of Strong Sell, with the poorest marks in growth, profitability and momentum. Perito's rating, however, converges with the average Wall Street analyst rating of Hold. On the bullish front, Seeking Alpha contributor Harrison Schwartz thinks SI is a Buy provided the company can survive the FTX fallout and the crypto space enters a new bull cycle .
Ethereum’s Pectra Upgrade Goes Live
