shares of silvergate capital corp si rallied 19 in premarket trading tuesday even after the cryptocurrency bank swung to a net loss of 10 billion more than expected citing a “transformational shift” in the digital asset industry due to significant overleverage the bank said it decided to “substantively reduce its workforce” to account for the “economic realities facing its business and the digital asset industry today” the net loss which on a pershare basis was 3316 compared with net income of 184 million or 66 cents a share in the yearago period excluding nonrecurring items adjusted earnings per share of 48 cents was below the factset consensus of 66 cents net interest income increased 336 to 537 million but missed the factset consensus of 578 million while net interest margin of 154 was below expectations of 185 average digital asset customer deposits during q4 were 73 billion down from 133 billion a year ago and the silvergate exchange network sen handled 1171 billion of us dollar transfers in the quarter down 47 from last year the stock had closed jan 9 at a the lowest price since april 2020 amid fears of a run on the bank it has plummeted 814 over the past three months through friday while bitcoin btcusd has gained 83 and the sp 500 spx has advanced 87