Reports
Back to Basics
Bitcoin trades today at about half of its late-2025 high, even as equities and gold stand at or near records of their own. For a d…

Brian Cubellis
Jul 16, 2026
Reports
The Architecture of Failure
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Key Takeaways
Prime Trust did not fail from bad luck. It failed because of a custody architecture tha…

Glenn Cameron
Jun 30, 2026
Reports
The Stablecoin Stack
Institutional research on how GENIUS and CLARITY build a stablecoin velocity layer and a Bitcoin base layer.

Glenn Cameron
Jun 23, 2026
Reports
The Proof of Reserves Illusion
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Key Takeaways
Proof of Reserves (PoR) is a class of cryptographic and accounting attestations designe…

Brian Cubellis
May 29, 2026
Reports
The New Money Stack: The Custody Layer
The Custody Layer
The New Money Stack Series, Vol. II
Bitcoin is a bearer asset. Whoever holds the keys owns the coins. There'…

Glenn Cameron
May 12, 2026
Reports
The Simpler Trade: Digital Credit Risk Analysis
Why a Treasury Income Ladder + Direct Bitcoin Ownership Beats Digital Credit on Every Metric That Matters
Strategy's STRC is a…

Glenn Cameron
Apr 30, 2026
Reports
Built on Sand
Five Layers of Risk
Five Foundational Flaws
Why Digital Credit Collapses From the Ground Up
82% of STRC is held by retail.…

Michael Tanguma
Apr 28, 2026
Reports
The New Money Stack: The Institutional Digital Asset Infrastructure Map
Published March 2026 | Onramp Research
The financial system is being rebuilt layer by layer. Settlement, custody, compliance, p…
Reports
Bitcoin Security Threats: The Complete Guide to Protecting Your Holdings
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Bitcoin ownership has always come with a degree of responsibility. But the nature of that responsibilit…

Brian Cubellis
Feb 12, 2026
Reports
Bitcoin's Macro Liquidity Cycle: Why M2, the Dollar, and Real Rates Now Dominate the '4-Year Cycle'
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Bitcoin's Macro Liquidity Cycle: Why M2, the Dollar, and Real Rates Now Drive the Bitcoin Cycle
The Bitcoin…

Glenn Cameron
Jan 22, 2026
Reports
2025 Shareholder Letter
Read the full letter here...
Bitcoin in 2025: What the Market Got Wrong and What's Actually Happening
Benjamin Graham famously w…

Brian Cubellis
Jan 20, 2026
Reports
Investment Under a Bitcoin Standard: How Hard Money Rewrites the Rules of Capital Allocation
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After more than half a century of fiat money, and over a century since the end of the Classical Gold St…

Brian Cubellis
Dec 18, 2025
Reports
Bitcoin for Sovereign Wealth Funds: A Practical Allocation Guide
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Why Sovereign Wealth Funds Are Taking a Second Look at Bitcoin
The macroeconomic backdrop that defined…
Reports
Is Bitcoin Too Volatile? Why Price Swings Don't Tell the Whole Story
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One of the first objections new Bitcoin investors raise is volatility. How can something that swings 10…

Glenn Cameron
Nov 13, 2025
Reports
Why Bitcoin Cannot Be Copied or Replaced: The Complete Case
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Bitcoin has commanded roughly 73% of the total cryptocurrency market capitalization (excluding stableco…
Reports
Demystifying the Debasement Trade
Read the full report: Demystifying the Debasement Trade
Gold and Bitcoin Are Not Competitors. They Are the Same Trade.
For most…

Brian Cubellis
Oct 21, 2025
Reports
The Corporate Bitcoin Playbook: Occams Advisory Case Study
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From Curiosity to Corporate Policy: How Occams Advisory Built a Bitcoin Treasury
Most companies that c…

Brian Cubellis
Oct 14, 2025
Reports
Financial Repression Is Here: How Institutions Should Respond
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Financial Repression Is the Policy Path of Least Resistance. Here Is How to Hedge It.
The phrase "fina…
Reports
Discipline & Duration: Bitcoin in the Endowment Portfolio
Read the full report: Discipline & Duration
Discipline and Duration: The Case for Bitcoin in Endowment Portfolios
Endowments do…

Glenn Cameron
Sep 29, 2025
Reports
Bitcoin as a Strategic Asset for Family Offices
Read the full report: Bitcoin as a Strategic Asset for Family Offices
Bitcoin as a Strategic Asset for Family Offices: Preserving…

Glenn Cameron
Sep 23, 2025
Reports
Bitcoin's Scarcity & Antifragility: The Case for Sound Money
Read Part II [Long Form]
The Bitcoin Fundamentals Course, Part II: Scarcity, Antifragility, and the Case for Sound Money
Bitcoin…

Glenn Cameron
Sep 16, 2025
Reports
Why the World Needs Bitcoin: What Really Backs Sound Money
Read Part I [Long Form]
The Bitcoin Fundamentals Course, Part I: Why the World Needs Bitcoin and What Really Backs It
Money is t…
Reports
Bitcoin Dynasty Trusts: Shield Your Stack and Build a Multi-Generational Legacy
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Bitcoin Dynasty Trusts: Shielding Your Stack, Eliminating Estate Tax, and Building a Multi-Generational…

Glenn Cameron
Aug 12, 2025
Reports
The Scarcity Imperative: Profiting from the Gold-Bitcoin Tug-of-War
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The Scarcity Imperative: Profiting from the Gold-Bitcoin Tug-of-War in a Fiat Endgame
The U.S. money s…
Reports
The Barbell Approach to Bitcoin Custody
Download Onramp’s latest report here…
The Barbell Approach to Bitcoin Custody: Balancing Self-Sovereign Control and Multi-Institu…

Michael Tanguma
Apr 1, 2025
Reports
How Multi-Institution Bitcoin Custody Could Have Prevented the Bybit Hack
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On February 21, 2025, the cryptocurrency exchange Bybit suffered the largest hack in the history of dig…

Brian Cubellis
Mar 20, 2025
Reports
Why Multi-Institution Custody is the Missing Piece
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Why Multi-Institution Custody Is the Missing Piece for Institutional Bitcoin Adoption
Bitcoin's a…

Brian Cubellis
Mar 4, 2025
Reports
Multi-Institution Custody Explained
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Multi-Institution Custody Explained: Key Generation, Management, and the Path to Unparalleled Bitcoin S…

Brian Cubellis
Feb 12, 2025
Reports
Why Leading RIAs Are Embracing Bitcoin: A Blueprint for Growth
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A few years ago, an RIA could reasonably describe Bitcoin as too speculative, too niche, or too complex…

Glenn Cameron
Jan 23, 2025
Reports
Sovereign Game Theory
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Sovereign Game Theory: Bitcoin, Stablecoins, and the Future of Global Finance
The global mon…

Brian Cubellis
Jan 3, 2025
Reports
The Macro Case for Bitcoin
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The Macro Case for Bitcoin: Fiscal Dominance, Fiat Fragility, and the Remedy
It has been mor…

Brian Cubellis
Nov 20, 2024
Reports
Bitcoin Boosts Returns & Dampens Volatility in Traditional Portfolios
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Bitcoin Boosts Returns and Dampens Volatility in Traditional Portfolios
Bitcoin's price gains…

Brian Cubellis
Oct 16, 2024
Reports
Bitcoin’s Role as a Diversifier: Addressing Custodial Considerations for Strategic Allocations
Download Onramp’s full report here
Institutional adoption of Bitcoin has moved from a question of whether to a question of how. B…

Brian Cubellis
Sep 30, 2024
Once in a Species
Everyone’s a Scammer (Part Deux)
On this day, ten years ago, Michael Goldstein (aka Bitstein) famously declared that “everyone’s a scammer” in the Bitcoin space, p…
Reports
Spot Bitcoin ETFs vs. Onramp’s Multi-Institution Fund
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Spot Bitcoin ETFs vs. Onramp's Multi-Institution Fund: A Head-to-Head Comparison
The approval of s…

Brian Cubellis
Sep 3, 2024
Reports
The Evolution of Bitcoin Custody
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The Evolution of Bitcoin Custody: From Single Custodians to Multi-Institution Security
Custody is one…

Brian Cubellis
Aug 13, 2024
Reports
Onramp Case Study: Selection by Leading UK Pension Plan
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Case Study: How Onramp Was Selected by a Leading UK Pension Plan After a 69-Manager Search
Selecti…

Brian Cubellis
Jul 31, 2024
Once in a Species
Don't Mess This Up
You're early to Bitcoin. All you have to do now is hold on & avoid these pitfalls.
By some immeasurable coincidence of circumstan…
Reports
2023 Shareholder Letter
Onramp Bitcoin Statutory Trust
Onramp is pleased to announce the publication of our 2023 Shareholder Letter for the Onramp Bitcoi…

Michael Tanguma
Jan 5, 2024