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Onramp has raised $12.5 million in a Series A round led by Early Riders, valuing the bitcoin financial services firm at $135 million as it pushes to scale a custody model designed to meet institutional standards.

The Austin-based company told Bitcoin Magazineit now holds more than $1 billion in assets under custody and has recorded zero security incidents since its founding in 2023. The new capital will support expansion of Onramp Finance, its recently launched platform that combines bitcoin custody, brokerage, and cash management, while funding new partnerships across banks, registered investment advisors, and fintech firms.

At the center of the strategy is Onramp’s Multi-Institution Custody (MIC) model, which distributes key control across several regulated custodians rather than relying on a single entity or placing full responsibility on clients. The system is built with partners including BitGo, Coincover, and Tetra Trust, allowing for shared control structures that can span jurisdictions.

The approach targets a long-standing tradeoff in digital asset custody. Investors have often had to choose between centralized platforms with counterparty risk and self-custody setups that require technical expertise and operational oversight. Onramp positions MIC as a middle path that removes single points of failure while keeping assets verifiable on-chain.

Institutional traction has begun to follow. UK pension fund Cartwright selected Onramp as custodian for its bitcoin allocation, while the Bitcoin Policy Institute has endorsed multi-party custody frameworks for potential state-level bitcoin reserves.

A full bitcoin financial stack via Onramp

Chief executive Michael Tanguma said the company aims to build a full financial stack around bitcoin, including lending, retirement accounts, and treasury management tools. The firm launched Onramp Finance in April, offering brokerage services across all 50 states, cash accounts with rewards, a payments card, bitcoin IRAs, and access to gold within a single interface.

Early Riders partner Liam Nelson said the firm backed Onramp to help establish MIC as a standard across the industry, arguing that custody design 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 building out its platform and prepare its custody infrastructure for licensing to other regulated custodians. On the commercial side, it will expand sales efforts and develop white-label offerings for financial institutions seeking to integrate bitcoin services.

Onramp also named former Blackstone partner David Thayer as a strategic advisor, adding experience in infrastructure investing as it targets deeper engagement with traditional finance.

The bet is that as bitcoin enters broader portfolios, custody will become a primary concern. Onramp is positioning its architecture as a foundation for that shift, aiming to extend its model across institutions that want exposure without assuming concentrated risk.

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