The crypto-focused bank was dealt a double blow by the bear market and its close exposure to Sam Bankman-Fried's FTX empire.

Silvergate Bank has warned it may not be able to survive over the next 12 months.

The crypto-focused company was dealt a double blow by the bear market and its close exposure to Sam Bankman-Fried's FTX empire.

In a filing to the U.S. Securities and Exchange Commission, it warned that its annual report would not be filed on time.

And while Silvergate brought in a profit of $76m in 2021, it suffered a net loss of $949m in 2022.

Silvergate's stock fell by 44.2% in after-hours trading to lows of $7.55 — a stark contrast to its price of $13.53 as of Wednesday's close.

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