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Sources: Palmer Luckey-backed Erebor Bank ended its free stablecoin-to-cash redemption offer after crypto trading firms like Wintermute used it for arbitrage (The Information)
Erebor Bank, backed by Palmer Luckey, discontinued its free stablecoin-to-cash redemption service after crypto trading firms—including Wintermute—exploited the offer for arbitrage, undermining its intended consumer use case.
Sep 15, 2026
New bank targeting 'innovation economy' closes in on $1.5bn funding round
Erebor, a new bank founded by tech billionaires to replace Silicon Valley Bank's role in the innovation economy, is reportedly close to securing $1.5 billion in funding.
Aug 10, 2026
Sources: Palmer Luckey's Erebor Bank is in talks to raise money at an $8B+ valuation, up from $4.35B in 2025; its deposits grew from $1.1B in March to $4B now (Bloomberg)
Erebor Bank, a politically connected AI-focused banking startup founded by Palmer Luckey, is negotiating a new funding round at an $8B+ valuation — more than doubling its prior $4.35B valuation — amid rapid deposit growth from $1.1B to $4B in under four months.
Published Jul 2, 2026 · Analyzed Jul 4, 2026