Silvergate Capital (SI) Completes At-the-Market Equity Offering Program

Silvergate Capital Corporation (“Silvergate” or the “Company”) (NYSE: SI), the leading provider of innovative financial infrastructure solutions to the digital currency industry, today announced that it has completed its previously announced "at-the-market" equity offering program (the “ATM Offering”).

Silvergate announced on March 9, 2021 that it had filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell up to $300 million in shares of its Class A common stock, par value $0.01 per share (“Common Stock”) from time to time through the ATM Offering. Since the Company’s March 9, 2021 announcement, the Company has sold in aggregate 2.79 million shares of its Common Stock for gross proceeds of $300 million and proceeds of $295.5 million net of commissions and fees.

The net proceeds from the ATM Offering have been used to support Silvergate’s continued growth. As of March 31, 2021, the Company’s total consolidated assets were $7.8 billion, an increase of approximately $2.2 billion, or 38.9%, from December 31, 2020. Silvergate’s continued growth has been driven by significant increases in the Bank’s deposits from customers in the digital currency industry. The Bank’s average total digital currency deposits quarter to date as of April 30, 2021 amounted to $8.3 billion, an increase from $6.4 billion during the first quarter, while the high and low daily total digital currency deposit levels during such time were $10.1 billion and $6.8 billion, respectively. While Silvergate believes its deposit levels will continue to increase as it grows, no assurances can be provided regarding the timing or extent of such increases.

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