Silvergate stock surges 15% after Q2 earnings beat, new crypto deposits rise

da-kuk/E+ via Getty Images Silvergate Capital (SI) stock soars 15% after it reports ([[SI]] +14.9%) accepting $4.3B in new deposits from new and existing cryptocurrency customers in Q2, for a total of $11.1B, according to its earnings report. "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," President and CEO Alan Lane said. Silvergate Q2 EPS of $0.80, increased from $0.55 in Q1, beating the average analyst estimate by $0.29; beats revenue estimate by $6.02M to $42.45M. The regional bank increased digital currency customers to a total of 1,224, compared with 1,104 in Q1 and 881 in Q2 2020. CoinDesk notes that average deposit costs for mid-cap commercial banks are typically between 0.75%-1.25%, while Silvergate's average cost of deposits was 0.00% in Q2, down from 0.37% in Q2 2020; driven by the absence of