Onramp, a crypto custody startup, released a research report this month arguing that Bitcoin's current price—roughly half its late-2025 high—is a buying opportunity. The report, titled 'Back to Basics,' splits its case into three parts: the fundamentals of Bitcoin, the gap between owning the asset versus a paper claim, and market timing data that favors accumulation. It comes as equities and gold trade near record highs, while Bitcoin sits at a discount.
The case for buying Bitcoin now
Onramp starts with the basics. Fiat currencies lose purchasing power by design, the report argues, and Bitcoin's fixed 21 million cap is verifiable, removing trust-based monetary policy. It also defends proof of work as a productive use of energy, pointing to miners using flared gas and surplus renewable output. The idea: Bitcoin is a scarce, energy-backed asset in a world of debasing fiat.
'Paper Bitcoin' vs. real ownership
The report warns that many Bitcoin instruments are 'paper bitcoin'—claims on the asset rather than direct ownership, adding counterparty risk. Direct ownership, through self-custody or multi-institution custody, preserves Bitcoin's bearer quality. No counterparty can freeze or reclaim it. That's the core of Onramp's pitch: it has raised $12.5 million to scale a multi-institution custody platform that combines cash, bitcoin, and gold in one account.
Market timing and the shallow drawdown
The current drawdown is shallow by historical standards. Past declines of 50% or more have recovered. Bitcoin is at a discount while most markets are at highs. The report notes this cycle is about seven months past its peak and near half below it—earlier and shallower than comparable points in past cycles. That's the timing edge.
Onramp's $12.5M push
Onramp isn't just publishing research. It's building infrastructure to make its custody model work. The $12.5 million raise is meant to scale the platform, which spreads assets across independent institutions. The report's conclusion is straightforward: buy on a schedule while prices are low, and hold in custody controlled by the owner, spread across multiple institutions. That's the concrete next step—Onramp is now betting its own capital on that thesis.
