Onramp, a bitcoin custody firm that holds more than $1 billion in assets, closed a $12.5 million Series A round led by Early Riders. The round values the company at $135 million. Onramp plans to split the fresh capital between product development and distribution — including licensing its custody infrastructure and building white-label offerings for other firms.
How it keeps the keys safe
Founded in 2023, Onramp has recorded zero security incidents. That track record comes from its Multi-Institution Custody (MIC) model, which distributes key control across several regulated custodians — BitGo, Coincover, and Tetra Trust. The Bitcoin Policy Institute has endorsed multi-party custody frameworks like this for potential state-level bitcoin reserves. That endorsement matters as more U.S. states consider adding bitcoin to their treasuries.
New products, old-school finance ties
In April, Onramp launched Onramp Finance, a suite that includes brokerage services across all 50 states, cash accounts with rewards, a payments card, bitcoin IRAs, and gold access. The company also named former Blackstone partner David Thayer as a strategic advisor. Thayer brings deep institutional finance experience — a signal that Onramp is serious about winning pension and endowment business.
The pension deal that turned heads
Earlier this year, UK pension fund Cartwright selected Onramp as custodian for its bitcoin allocation. It was one of the first pension fund bitcoin custody assignments in Europe, and it put Onramp on the map for traditional retirement managers. The company now has a working model for how regulated retirement vehicles can touch bitcoin without taking custody risk themselves.
What the funding pays for
Onramp says it will use the Series A money to scale its infrastructure licensing business and build more white-label products. That means other financial firms could slap their own brand on Onramp's custody and brokerage rails. The company is betting that institutions want bitcoin exposure but don't want to build the plumbing themselves. With $1 billion in custody and zero breaches, Onramp has a decent sales pitch — but the real test is whether it can replicate that record across dozens of white-label clients.
Next up: Onramp expects to close additional institutional custody agreements in the second half of 2026, including potential state-level reserve accounts if legislation moves forward.
