Why Shares of Silvergate Capital Are Rising Today

Shares of the crypto bank Silvergate Capital (NYSE: SI) traded roughly 8.5% higher as of 1:48 p.m. ET today, as shares rebounded after plunging yesterday due to the company reporting disappointing fourth-quarter earnings results.

Yesterday, Silvergate Capital reported fourth-quarter earnings per share of $0.66 on total revenue of roughly $49.3 million, both of which missed analyst estimates. It was the first time the bank had missed estimates since going public. Additionally, the bank reported a significant rise in expenses from the previous quarter, due to higher salaries.

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Source Fool.com