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Erebor is a digital bank headquartered in Columbus, Ohio, USA, holding a national bank charter and FDIC deposit insurance, focused on serving enterprises in technology, cryptocurrency, defense, and advanced manufacturing. Its core services include deposit accounts, commercial lending, treasury management, and cross-border payments, with support for stablecoin deposits/withdrawals and on-chain settlement. Erebor employs a self-built core system and blockchain integration, allowing clients to flexibly convert between fiat and digital assets, while offering customized financing collateralized by crypto assets or specialized equipment such as GPUs. The bank operates without physical branches, delivers services via APIs and open banking channels, and maintains a high capital adequacy ratio to manage risk.
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About Erebor
Erebor Bank is a federally chartered bank headquartered in Columbus, Ohio, that opened in February 2026. It serves defense tech, AI hardware, advanced manufacturing, and crypto-native firms, offering FDIC-insured deposits, equipment financing, venture credit, and stablecoin deposits/settlement on-chain.
Its core edge is holding its own OCC national bank charter rather than relying on a partner bank. This allows it to underwrite non-traditional collateral like GPU clusters or aerospace R&D, and to offer 24/7 settlement bridging fiat and stablecoins. It also holds a small amount of crypto assets on its own books to pay network fees.
The pain points it addresses: traditional banks won't lend against hardware or intangible tech assets; crypto firms face de-banking friction; and SWIFT/ACH run on outdated timelines. Erebor provides a regulated bridge between traditional finance and digital assets.
In the past six months, deposits grew from $1.1 billion (end of March) to roughly $4.05 billion (end of June), adding nearly 400 clients. Loans went from zero to $77.2 million, focusing on equipment financing and venture debt for defense and manufacturing firms. In April, it enabled stablecoin deposits for the Sui network. The bank expects profitability by end of 2026.
Negative developments: regulators imposed a minimum 12% Tier 1 leverage ratio for the first three years, roughly double the well-capitalized threshold. Crypto-collateralized lending demand has been below initial expectations. The deposit base is concentrated in a small number of large accounts across correlated sectors, echoing SVB's risk profile. The bank's viability partly depends on the current political cycle's crypto-friendly stance.
Erebor Bank received conditional approval from the Office of the Comptroller of the Currency (OCC) in October 2025, obtained FDIC deposit insurance in December 2025, and officially opened in February 2026 with initial capital of $635 million. The bank positions itself as a stablecoin-native institution, offering crypto-collateralized lending, fiat-to-stablecoin conversion, and 24/7 blockchain-based settlement, aiming to fill the gap left by the collapse of Silvergate and Signature Bank.
Deposits grew rapidly from $1.1 billion at the end of March to $4.6 billion by the end of July, with annualized recurring revenue exceeding $100 million. It is currently in talks to raise $1.5 billion at a valuation of $9.5 billion, making it one of the most valuable private banks in the U.S. Its rapid approval and business model mark the entry of crypto banking into the mainstream regulatory framework, offering a new paradigm for integrating digital assets with traditional finance.
Trevor Capozza, co-founder of Erebor, serves as head of operations for Palmer Luckey's family office. He began his career in asset management at Optimozo and has been involved in various Luckey-linked entities, including nonprofits and LLCs. His LinkedIn profile describes his role as a co-founder of a stealth startup.