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VI Silvergate Silvergate Capital Corporation Announces Second Quarter 2021 Results La Jolla , CA , July 20 , 2021 -- Silvergate Capital Corporation ( " Silvergate " or " Company " ) ( NYSE : SI ) and its wholly owned subsidiary , Silvergate Bank ( “ Bank ” ) , today announced financial results for the three and six months ended June 30 , 2021 . Second Quarter 2021 Highlights Net income for the quarter was $ 20.9 million , or $ 0.80 per diluted share , compared to net income of $ 12.7 million , or $ 0.55 per diluted share , for the first quarter of 2021 , and net income of $ 5.5 million , or $ 0.29 per diluted share , for the second quarter of 2020 The Silvergate Exchange Network ( " SEN " ) handled $ 239.6 billion of U.S. dollar transfers in the second quarter of 2021 , an increase of 44 % compared to $ 166.5 billion in the first quarter of 2021 , and an increase of 968 % compared to $ 22.4 billion in the second quarter of 2020 The SEN handled 137,947 transactions in the second quarter of 2021 , a decrease of 17 % compared to 166,772 transactions in the first quarter of 2021 , and an increase of 242 % compared to 40,286 transactions in the second quarter of 2020 Digital currency customer related fee income for the quarter was $ 11.3 million , compared to $ 7.1 million for the first quarter of 2021 , and $ 2.4 million for the second quarter of 2020 Digital currency customers grew to 1,224 at June 30 , 2021 , compared to 1,104 at March 31 , 2021 , and 881 at June 30 , 2020 Digital currency customer deposits grew by $ 4.3 billion to $ 11.1 billion as of June 30 , 2021 , compared to $ 6.8 billion as of March 31 , 2021 Completed previously announced $ 300 million at - the - market ( ATM ) equity offering , which resulted in a total issuance of 2,793,826 shares of Class A common stock for net proceeds of $ 295.1 million after deducting commissions and expenses Alan Lane , president and chief executive officer of Silvergate , commented , " It is an exciting time to be at Silvergate , and the second quarter was no exception . We nearly doubled pre - tax income compared to the prior quarter , driven by strong demand for our growing suite of digital currency related solutions powered by the Silvergate Exchange Network ( SEN ) . In the second quarter of 2021 , we continued to add new customers to the platform , grew network volume to a record $ 240 billion , and surpassed $ 10 million of transaction revenue for the first time . We also continued to prudently grow SEN Leverage , our differentiated bitcoin secured lending offering . " " In addition , we continued to build our stablecoin infrastructure capabilities , including our announcement to be the exclusive issuer of U.S. dollar backed stablecoins known as Diem USD , " continued Mr. Lane . " We believe stablecoins present a massive and unique opportunity , and with the development of an appropriate regulatory framework have the potential to become an alternative payment rail for customers around the world . " 1