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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.
The OCC granted preliminary conditional approval to Erebor Bank after thorough review of its application. In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications. https://t.co/9G7WkRRohN pic.twitter.com/tQhLqNbtM9
— OCC (@USOCC) October 15, 2025
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