The crypto-focused bank aims to nearly double its valuation to $8 billion amid rising demand from defense tech and digital asset clients.
Erebor Bank is negotiating a new funding round that would value the firm at $8 billion, up from $4.35 billion at the end of last year. The bank, which serves defense technology and cryptocurrency enterprises, recently secured a national bank charter from the OCC.
Backed by investors including Peter Thiel and Palmer Luckey, Erebor has attracted capital from firms such as Lux Capital, 8VC, a16z, and Founders Fund. The valuation jump reflects growing interest in financial services tailored to digital asset and defense sectors.
No immediate market reaction was reported following the announcement.