Silvergate stock dips 6% even after Q3 earnings beat, record crypto deposits

Silvergate's (NYSE:SI) average digital currency customer deposits grew to a record $11.2B during Q3, compared with $9.9B in Q2, according to its earnings report. Q3 marks "another great quarter, underscored by record quarterly pre-tax income, continued platform growth, and an expanding balance sheet," said President and CEO Alan Lane. Despite the solid quarter, shares of SI slide as much as 6.3% in premarket trading. Q3 earnings per share of $0.88 rose from $0.80 in Q2, beating the consensus estimate of $0.71; beats revenue estimate by $6.51M to $51.7M. Digital currency customers grew to 1,305 in Q3 from 1,224 in Q2 and 928 in Q2 a year ago. The regional bank's cost of deposits of 0.00% is unchanged from Q2 and down from 0.01% in the same period last year. The Silvergate Exchange Network handled $162.0B of U.S. dollar transfers in Q3, a 32% decline, compared with $239.6B in Q2, but still up