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 an inventory model designed to meet institutional standards.
The Austin-based company told Bitcoin Magazine now holds more than $1 billion in assets under custody and has recorded zero security incidents since its inception in 2023. The new capital will support the expansion of Onramp Finance, its newly launched platform that integrates bitcoin storage, trading, and money management, while funding new partnerships across banks, registered investment advisors, and fintech firms.
At the heart of the strategy is Onramp’s Multi-Institution Custody (MIC) model, which distributes primary control across multiple regulated custodians rather than relying on a single entity or placing full responsibility on clients. The system was developed by partners including BitGo, Coincover, and Tetra Trust, which allows for shared control structures that can cover specific areas.
This method is aimed at long-term trading in digital asset storage. Investors have often had to choose between centralized platforms with the risk of others and self-contained setups that require technical expertise and operational oversight. Onramp positions MIC as a middle ground that removes a single point of failure while keeping assets verified on the chain.
A succession of institutions has begun to follow. UK pension fund Cartwright has chosen Onramp as a custodian for bitcoin allocations, while the Bitcoin Policy Institute has approved multi-party custodial structures for potential government-level bitcoin reserves.
Full bitcoin cash stack with Onramp
CEO Michael Tanguma said the company aims to build a full financial stack in the bitcoin world, including lending, retirement accounts, and treasury management tools. The company launched Onramp Finance in April, offering exchange services in all 50 states, cash accounts with rewards, a debit card, bitcoin IRAs, and access to gold in one place.
Early Riders partner Liam Nelson said the company is supporting Onramp to help establish MIC as an industry-wide standard, saying the custody project will 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 end infrastructure to be licensed to other managed care providers. On the commercial side, it will increase sales efforts and develop white-label offerings to financial institutions that want to integrate bitcoin services.
Onramp also named former Blackstone partner David Thayer as a strategic advisor, adding expertise in infrastructure investments as it seeks deeper engagement with traditional funds.
The bet is that as bitcoin moves into broader portfolios, storage will become a primary concern. Onramp is positioning its structure as the basis for that change, aiming to extend its model to all institutions that want exposure without taking on concentrated risk.
