ProCap Financial (BRR) Becomes One of First Public Companies to Work With @ereborbank ___ Over the years, my businesses have experienced first-hand the problems with the legacy financial system. We have had businesses debanked or restricted. I am not saying that in a metaphorical way. Some of our companies were literally kicked out as customers because of the industries we operated in. Large financial institutions have refused to open bank accounts in the past or they have put insane restrictions on the services we can access. At one point, it became a weekly problem we had to solve. A business that I owned or had invested in would be dealing with some new challenge. It didn’t matter how much money we had deposited at the banks, nor how influential our contacts at the banks were. We had committed the ultimate sin — we were taking risk by being ambitious. The legacy organizations hate risk. They hide behind the regulators and claim there is nothing they can do. But it became obvious to me that this wasn’t a story about risk, but rather a story about dinosaur organizations who didn’t understand new technologies, new industries, or the need for new startups. It wasn’t worth complaining though. That wasn’t going to get us anywhere. In fact, it would have made the problem worse. So instead, I started looking for an alternative solution. That is when I came across Palmer Luckey’s new company, Erebor. They describe themselves with the following: “Erebor is a nationally chartered bank purpose-built for the innovation economy. The company serves businesses across aerospace, defense, manufacturing, hardware, energy, and artificial intelligence. Erebor combines traditional deposit-taking and lending with a differentiated treasury management platform providing customers with a menu of yield across checking, savings, U.S. Treasuries, corporate bonds, stablecoins, and other instruments — all within a single regulated banking relationship. Founded in 2025 and headquartered in Columbus, Ohio, Erebor is the definitive financial partner for companies building the future.” The thought of a one-year old technology startup getting fully licensed as a national bank would have been unfathomable a decade ago. But regulators and politicians have realized that we need new types of institutions if we want America to continue being the global leader on innovation and technology. One market commentator explained the importance of Erebor with this explanation: “The emergence of Erebor Bank is a direct reaction to the extreme volatility that characterized the venture banking sector between 2023 and 2025. Following the failure of legacy institutions that once anchored the startup ecosystem, founders often found themselves navigating a fragmented banking environment where traditional commercial lenders lacked the technical depth to underwrite complex hardware or unconventional assets. Erebor was designed to solve this underwriting gap by internalizing both the regulatory authority of a national charter and the engineering expertise required to value the physical tools of modern industry. The bank operates as a B2B relationship institution with a heavy focus on founders and investors within the innovation economy. Its core value proposition lies in its regulated balance sheet, which allows it to earn spread income and service revenue while providing stablecoin-native services. By serving high-risk use cases that traditional banks avoid, such as defense-tech and AI infrastructure, Erebor attracts deposits that support deep credit relationships. This specialized strategy creates a thick capital cushion intended to signal long-term stability to clients who have seen other niche lenders fail.” Given the importance of Erebor as a key piece of infrastructure for the innovation economy, I am excited to support them. Today we are revealing that ProCap Financial, our agentic finance company traded on Nasdaq under ticker BRR, has become one of the first public companies to open an account with Erebor. We are looking forward to working with the Erebor for more of our banking needs as they continue building out their services. Technology companies operating at the tip of the spear need banking infrastructure that understands where the world is going. I have found the Erebor team to be the exact type of partner we have been looking for. Hopefully the rise of Erebor will inspire more entrepreneurs to tackle hard problems in regulated industries. The hard thing is worth doing if it can unlock more innovation from millions of companies.(Anthony Pompliano 🌪)