Silvergate Capital’s (SI) net income for the second quarter jumped 84.6% year-over-year to $38.6 million from $27.4 million.
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Q2 earnings available to shareholders was $1.13 per share, compared to $0.80 per share in the previous year and $0.79 per share reported in April.
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The Silvergate Exchange Network handled $191.3 billion transfers this quarter, marking an 34% increase compared to the first quarter and a 20% fall compared to the same period last year.
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The bank’s customer base also increased, with 1,585 at June 30 being compared with 1,503 in March.
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Fee income from cryptocurrency customers narrowly decreased from $8.9 million to $8.8 million this quarter. In the second quarter of 2021 Silvergate received $11.3 million in fees.
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Shares for Silvergate Capital were up 8.32% at $70.46 during the pre-market session. On 1 July, it slumped to an 18-month low of $52.61.
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In April, Silvergate CEO Alan Lane said that the company is willing to “entertain more possibilities/” in the bitcoin lending space after issuing a $205 million bitcoin-backed loan to MicroStrategy (MSTR).
