Onramp has raised $12.5 million in a Series A round led by Early Riders, valuing the bitcoin financial services company at $135 million as it seeks to scale a custody model designed to meet institutional standards.
The Austin-based company said Bitcoin Magazine It now holds more than $1 billion in assets under custody and has not recorded any security incidents since its founding in 2023. The new capital will include Supporting the expansion of Onramp Financeits recently launched platform that combines Bitcoin custody, brokerage and cash management, while funding new partnerships across banks, registered investment advisors and fintech companies.
At the heart of the strategy is Onramp’s Multi-Institution Custody (MIC) model, which distributes key control across multiple regulated custodians rather than relying on a single entity or placing full responsibility on clients. The system was built in collaboration with partners including BitGo, Coincover and Tetra Trust, allowing for shared control structures that can span across jurisdictions.
This approach targets a long-term trade-off in digital asset custody. Investors have often had to choose between centralized platforms that entail counterparty risk and self-custody setups that require technical expertise and operational oversight. Onramp positions the MIC as a middle path that eliminates single points of failure while maintaining verifiability of on-chain assets.
Institutional traction has begun to follow. British Cartwright Pension Fund Selected Onramp serves as the custodian of Bitcoin’s allocation, while the Bitcoin Policy Institute has endorsed multilateral custodial frameworks for potential nationwide Bitcoin reserves.
Complete Bitcoin financial stack via Onramp
CEO Michael Tanguma said the company aims to build an entire financial suite around Bitcoin, including lending, retirement accounts and treasury management tools. The company launched Onramp Finance in April, offering brokerage services in all 50 states, cash accounts with rewards, a payment card, bitcoin IRAs, and access to gold through a single interface.
Early Riders partner Liam Nelson said the company backed Onramp to help establish MIC as a standard across the industry, arguing that the incubator design would shape the next phase of Bitcoin adoption.
The company plans to split the new funding between product development and distribution. On the engineering side, Onramp will continue to build out its platform and prepare its custody infrastructure for licensing to other regulated custodians. On the business side, it will expand sales efforts and develop white label offerings for financial institutions seeking to integrate Bitcoin services.
Onramp has also appointed former Blackstone partner David Thayer as a strategic advisor, adding infrastructure investing experience as it targets deeper engagement in traditional finance.
The bet is that as Bitcoin enters wider wallets, custody will become the main concern. Onramp is positioning its infrastructure as the foundation for this transformation, aiming to scale its model across institutions that want exposure without taking on concentrated risk.
