Crypto-Friendly Bank Erebor is seeking to raise $1.5 billion in funding, with a16z among the potential investors.

August 11th - According to the Financial Times, Erebor Bank, a crypto-friendly bank co-founded by Palmer Luckey and Joe Lonsdale, is seeking $1.5 billion in funding. The funding round is expected to be completed in the next few weeks, with a pre-money valuation target of $8 billion. Institutional investors such as a16z are rumored to be potential backers.

The project's main business is to provide crypto-friendly banking services. Erebor Bank previously raised $350 million in December 2025, with a valuation of $4.35 billion at that time.