Erebor Bank expected to complete $1.5 billion funding round within weeks, with a16z and others planning to participate

Odaily News: Erebor Bank, co-founded by Palmer Luckey and Joe Lonsdale, is seeking a $1.5 billion funding round, expected to be completed within weeks, with a pre-money valuation target of $8 billion. a16z and other institutions are listed as potential investors. The project's main business is providing crypto-friendly banking services. Erebor Bank completed a $350 million funding round in December 2025, at a valuation of $435 million at that time.