Shares of Silvergate Capital Corp. shot up 13.6% in premarket trading Monday, after the provider of financial services for the digital asset industry downplayed its relationship with the collapsed cryptocurrency exchange FTX. “To be clear, our relationship with FTX is limited to deposits,” Silvergate Chief Executive Alan Lane said in a statement released late Friday. The stock had bounced 5.3% on Friday, after sinking 37.6% the previous four session to close Thursday at a two-year low. Silvergate said total deposits from all digital asset customers totaled $11.9 billion as of Sept. 30, of which FTX represented less than 10%. The company said it had “no outstanding loans to nor investments in FTX,” and said FTX was not a custodian for bitcoin-collateralized loans. Silvergate’s stock has plunged 67.8% over the past three months through Friday, while bitcoin prices have tumbled 31.2% and the S&P 500 has lost 6.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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