U.S. Regulators Grant Preliminary Approval for Tech Billionaire-Backed Erebor Bank

The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for Erebor Bank, a new national bank backed by tech billionaires Peter Thiel, Palmer Luckey, and Joe Lonsdale that is designed to cater to cryptocurrency and artificial intelligence businesses.

What's the Scoop?

• First of Its Kind: Erebor becomes the first de novo (new) bank to receive OCC approval under current Comptroller Jonathan Gould’s leadership. Gould emphasized that digital asset-related banking is permissible when conducted “in a safe and sound manner.”
• SVB Successor: Founded in 2025 by Palmer Luckey and Joe Lonsdale, Erebor aims to occupy the space once held by Silicon Valley Bank, a preferred lender for startups and venture capital firms before its high-profile collapse in 2023. Erebor will provide both traditional banking and crypto-related services, targeting the innovation economy across virtual currencies, AI, defense, and advanced manufacturing.
• Strategic Backing: Erebor’s investors include Thiel’s Founders Fund and Haun Ventures, underscoring strong ties between Silicon Valley’s venture ecosystem and the bank’s digital-first vision. Despite its politically connected backers, the Financial Times reported the bank’s OCC application did not receive special treatment from the Trump administration.
• Crypto Treasury Company: According to its filing, Erebor plans to hold select cryptocurrencies directly on its balance sheet and will serve payment providers, investment funds, trading firms, and registered broker-dealers. The bank will be headquartered in Columbus, Ohio, with a secondary office in New York City.