Sell Silvergate Capital (SI)
Silvergate Capital (SI) has cracked lower today, and it seems investors are focusing less on the bank’s exposure to rising interest rates and more on the weakness in crypto and equity markets. With earnings behind us and no major near-term catalysts (stablecoin likely to be a later in the year type event) in a weak market, let’s step to the side and put Silvergate Capital back on our watch list. We can come back to it when the backdrop for the bank looks more encouraging. SELL