SBI Puts $100M Into Erebor, the Digital Bank Sitting on $7B in Deposits

SBI Holdings announced Monday it will invest $100 million in Erebor Bank through its U.S. arm, SBI Holdings USA. The Japanese financial giant framed the move as a way to bulk up its American business and build a working relationship with the Ohio-based digital bank. SBI kept the finer points to itself — no ownership stake, valuation, closing date or regulatory caveats were disclosed.

Erebor isn't small. Deposits topped $7 billion as of September, according to SBI. The bank runs its own in-house system that supports blockchain settlement on weekends and outside normal banking hours, alongside hookups to major payment networks. It also offers growth capital, asset-based lending and equipment financing.

The bank opened for business in February 2026, per SBI, with the Office of the Comptroller of the Currency's register listing its full-service national bank charter as effective Feb. 6, 2026. Its June 2025 charter application named crypto, AI, defense and manufacturing companies as targets, plus investment funds and trading firms. SBI says Erebor today serves defense, AI, energy, robotics and advanced manufacturing clients.

The Erebor deal lands days after SBI's other American banking play. On Oct. 28, SBI announced an agreement with CRB Group — parent of Cross River Bank — covering a strategic investment and a proposed joint venture in Japan. That plan includes exploring cross-border payments and plugging SBI's yen stablecoin, JPYSC, into Cross River's platform, though it still hinges on definitive agreements and regulatory sign-off.

SBI isn't new to U.S. crypto. It already holds investments in and partnerships with Ripple Labs and Circle Internet Group. For Erebor, SBI said it will look at broader collaboration between the two groups, stopping short of naming any specific joint service.