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Shares in

Silvergate Capital

were in free fall Thursday after the banker to the cryptocurrency industry delayed filing its annual report.

It looks like an existential crisis for the lender, stock in which has collapsed over the past year amid cascading crypto prices, regulatory scrutiny, and the failure of customers including FTX.

Silvergate (ticker: SI) said in filings with the U.S. Securities and Exchange Commission (SEC) late Wednesday that it would not be able to file its annual 10-K report in time.

The bank, which reported a $1 billion loss in the fourth quarter after selling securities at fire-sale prices to stave off a bank run, said it sold additional securities in January and February and expects to record further losses. This will negatively impact the group’s capital ratios and could result in it being “less than well-capitalized,” the company said.

Silvergate also said it is evaluating its ability to continue as a going concern following the issuance of financial statements, and is “currently in the process of re-evaluating its businesses and strategies in light of the business and regulatory challenges it currently faces.”

Silvergate didn’t respond to Barron’s request for comment beyond its filing early on Thursday.

Shares in the bank tumbled 29.8% in U.S. premarket trading. The stock has already fallen almost 90% in the past year.

Write to Jack Denton at [email protected]