Erebor, the Cryptocurrency Bank, Completes $350 Million Funding Round with Lux Capital as Lead Investor
Erebor, a U.S. banking startup, has secured $350 million in new funding led by Lux Capital — just days after the Federal Deposit Insurance Corporation (FDIC) approved its deposit insurance application, formalizing its status as a newly chartered national bank, per Axios.
Sources familiar with the matter note the firm’s existing investors include Founders Fund, 8VC and Haun Ventures. Erebor is valued at approximately $4.35 billion.
The FDIC signed off on Erebor’s application last week. Co-founded in 2025 by Anduril CEO Palmer Luckey and Joe Lonsdale, the startup had early backing from Peter Thiel and Haun Ventures. Per its bank charter, Erebor plans to offer both traditional banking services and crypto-related products simultaneously.
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TD Cowen Investment Bank: Strategy Cash Reserve Increased to $21.9 Billion to Enhance Resilience During 'Extended Crypto Winter'
On December 23, The Block reported that Strategy—a Bitcoin treasury firm—announced Monday it has raised approximately $7.48 billion through a common stock sale, boosting its U.S. dollar cash reserves to $21.9 billion.
TD Securities, a subsidiary of investment bank TD Cowen, noted the expanded cash hoard is enough to cover roughly 32 months of the company’s interest and dividend payments, helping Strategy sustain robust operations amid a more challenging market landscape.
TD Securities analyst Lance Vitanza stated: “This move underscores the strength of the company’s balance sheet, which should ease market concerns about its ongoing operational capacity—even in a long-term ‘crypto winter’ scenario. We believe enhancing liquidity during periods of stress is always a prudent step, and all of Strategy’s stakeholders will benefit significantly from these actions.”
TD Securities has reiterated its “Buy” rating on Strategy and maintained its 12-month price target of $500. Strategy’s
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Aave Founder Buys 32,660 AAVE at an Average Price of $157.78
Dec. 23rd — Per Onchain Lens data, Aave founder Stani Kulechov used 1,699 ETH (approximately $5.15 million) to purchase 32,660 AAVE tokens at an average price of $157.78 each.
He currently holds 84,033 AAVE tokens, valued at $12.6 million, with an unrealized loss of $2.29 million so far.
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Bitwise Advisor: Without Volatility Uptick, Bitcoin Struggles to See True Upswing
On December 23, Bitwise advisor Jeff Park shared a message on social media, stating: “With 2025 winding down, many are disappointed by Bitcoin’s price performance. Just a quick reminder: Bitcoin’s price won’t stage a truly meaningful surge unless its volatility ticks up.”
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Trader Bets Big on 10-Year Treasury Yield to Reach 4% Again in a Matter of Weeks
December 23 – Traders are piling into Treasury bond options, wagering the U.S. 10-year Treasury yield will climb to 4% in the coming weeks — a level not seen since late November 2023.
The bullish bet comes as the 10-year yield recently edged higher: it hit a near-4.20% high earlier this month before fluctuating to 4.16% on Monday, as investors weigh latest economic data and seek clues on the timing and scope of future Federal Reserve (Fed) rate cuts.
Unfilled contract data from CME Group (Chicago Mercantile Exchange) released Monday shows a surge in buying of March-dated 10-year Treasury bond option contracts over the past week. Total premiums for these positions have reached an unusually large ~$80 million to date, while open interest has soared to 171,153 contracts — a 300% jump in just one week. (Jinse)
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Statistic: In 2025, it became the norm for new coins to experience a "price drop," with only 15% of projects having a Fully Diluted Valuation (FDV) higher than their Token Generation Event (TGE) period.
December 23: Per Ash (@ahboyash), among 118 new coins from 2025’s TGE, 84.7% (100 out of 118) have an FDV lower than their issuance valuation—roughly 4 in every 5 newly issued tokens now trading below their launch price-related metrics.
The median FDV of these tokens has fallen 71% from issuance (with a median market cap drop of 67%). Only 15% of tokens have seen an FDV increase since TGE.
On the underperforming end, 15 tokens have dropped over 90%, including notable projects like Berachain (-93%), Animecoin (-94%), and Bio Protocol (-93%).
Overall, the total FDV of these tokens has shrunk from $139 billion at listing to $54 billion now—meaning roughly $87 billion (59%) of the “on-paper” FDV has evaporated (this figure excludes projects that have gone to zero).
There are standouts too, mostly projects launched in the second half of 2025 with lower initial valuations: Aster (+745%), Yooldo Games (+538%), and Humanity (+323%).
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