Shares of cryptocurrency bank Silvergate Capital (NYSE:SI) drops 25.2% on Tuesday following worse-than-expected Q4 results with higher expenses. Specifically, Q4 noninterest expense of $11.1M declines from its $14.0M peak in Q3, while noninterest expense of $25.7M in Q4 climbs from $22.3M in the prior quarter. Q4 is the only quarter in 2021 when Silvergate Capital (SI) fell short on the earnings per share consensus, though it barely beat the Q3 EPS estimate. Additionally, consensus EPS revision trends going out as far as Q2 2023, remained mostly flat for all of last year. Meanwhile, bitcoin (BTC-USD +0.9%), which has a relatively strong correlation with SI stock, is yet to recover from its nearly three-month cyclical decline and is off almost 9% M/M. Last week, Silvergate Capital got upgraded to Outperform at KBW.
