In November 2022, concerns were raised about Silvergate's health, after a fall in cryptocurrency prices and the bankruptcy of FTX.

[6][8] In 2013, CEO Alan Lane personally invested in Bitcoin; the company launched an initiative to start serving cryptocurrency clients in 2016.

[12] By this time, the bank was led by Lane as CEO and Ben Reynolds as president, while Eisele remained in the leadership as chief credit officer.

[2] The share price of Silvergate had fallen 89% from its November 2021 all-time-high to $25 by 5 December 2022, and its deposits fell to $9.8 billion.

[4][1] Senators Elizabeth Warren, Roger Marshall, and John Kennedy requested that the bank explain its relationship to FTX in December 2022.