SBI Holdings to invest $100 million in Erebor Bank
The Japanese financial group is putting money into a U.S. digital bank co-founded by Palmer Luckey that holds more than $7 billion in deposits.
Also in: 日本語 · エージェント経済 · 한국어 · 에이전트포스트 · 简体中文 · 链智日报
SBI Holdings said on November 2, 2026 that it will invest $100 million in Erebor Bank, N.A., a U.S. digital bank, through its subsidiary SBI Holdings USA. The company did not disclose the stake it will hold, the valuation behind the investment or a closing date.
Erebor is a nationally chartered bank based in Columbus, Ohio, co-founded in 2025 by Anduril Industries co-founder Palmer Luckey, co-founder and CEO Owen Rapaport and others, according to SBI’s statement. It began operating in February 2026 after receiving a national bank charter from the Office of the Comptroller of the Currency and deposit insurance from the Federal Deposit Insurance Corporation. Its customers work in defense, AI, energy, robotics and advanced manufacturing, the company said.
SBI said Erebor’s core banking system supports blockchain-based settlement at any time, including weekends, and that the bank supports stablecoin deposits and withdrawals. Deposits exceeded $7 billion as of September 2026, according to SBI.
The Japanese group said the investment will strengthen its U.S. business foundation and that it will explore broad collaboration between SBI Group and Erebor. SBI Group provides JPYSC, described in the statement as Japan’s first yen-denominated stablecoin issued under a trust structure, handles USDC and RLUSD in Japan, and has invested in Ripple Labs and Circle Internet Group.
Ledger Insights reported that Erebor’s charter application, filed with the OCC in June 2025, described the goal of becoming “the most regulated entity conducting and facilitating stablecoin transactions.” The application lists four product lines: credit, deposits, stablecoin services and payments, Ledger Insights said. Target clients include crypto firms, broker dealers, futures commission merchants and foreign companies seeking dollar access through correspondent banking, according to the same report.
September figures showed $36 million of deposits from foreign banks, Ledger Insights reported.
The bank holds crypto on its balance sheet to pay blockchain gas fees and for wrapped stablecoin operations, accepts crypto as loan collateral, and does not offer custody, according to Ledger Insights.