Silvergate Capital Corp. SI, -3.76% stock fell 7.5% in premarket trades Friday after the company said it is suspending dividends on its 5.375% fixed rate non-cumulative perpetual preferred stock, Series A, in order to preserve capital. The company said it’s making the move to maintain a “highly liquid balance sheet with a strong capital position as it navigates recent volatility in the digital asset industry.” Silvergate said its cash position currently exceeds its digital asset customer-related deposits. As market conditions evolve, Silvergate said it will continue to study payment of quarterly dividends on the preferred stock.
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