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Research

In-depth analysis and reports from Onramp.

The Neutral Reserve Layer: Sovereign Bitcoin Holdings
Reports

The Neutral Reserve Layer: Sovereign Bitcoin Holdings

The world's central banks are moving their reserves toward assets no government controls. That demand has already put gold back on top of the reserve system, and it is starting to reach bitcoin. This report maps every so…

Glenn Cameron
Glenn Cameron
Sep 3, 2026
Back to Basics
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
Brian Cubellis
Jul 16, 2026
The Architecture of Failure
Reports

The Architecture of Failure

Download the full report → Key Takeaways Prime Trust did not fail from bad luck. It failed because of a custody architecture tha…

Glenn Cameron
Glenn Cameron
Jun 30, 2026
The Stablecoin Stack
Reports

The Stablecoin Stack

Institutional research on how GENIUS and CLARITY build a stablecoin velocity layer and a Bitcoin base layer.

Glenn Cameron
Glenn Cameron
Jun 23, 2026
The Proof of Reserves Illusion
Reports

The Proof of Reserves Illusion

Download the full report → Key Takeaways Proof of Reserves (PoR) is a class of cryptographic and accounting attestations designe…

Brian Cubellis
Brian Cubellis
May 29, 2026
The New Money Stack: The Custody Layer
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
Glenn Cameron
May 12, 2026
Built on Sand
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
Michael Tanguma
Apr 28, 2026
2025 Shareholder Letter
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
Brian Cubellis
Jan 20, 2026
Demystifying the Debasement Trade
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
Brian Cubellis
Oct 21, 2025
The Flight to Scarcity
Reports

The Flight to Scarcity

The Flight to Scarcity How the erosion of trust in sovereign debt, the rise of stablecoins, and bitcoin’s regulatory normalizatio…

Brian Cubellis
Brian Cubellis
May 27, 2025
The Barbell Approach to Bitcoin Custody
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
Michael Tanguma
Apr 1, 2025
Multi-Institution Custody Explained
Reports

Multi-Institution Custody Explained

Read the full report here Multi-Institution Custody Explained: Key Generation, Management, and the Path to Unparalleled Bitcoin S…

Brian Cubellis
Brian Cubellis
Feb 12, 2025
Sovereign Game Theory
Reports

Sovereign Game Theory

Download Onramp’s full report here… Sovereign Game Theory: Bitcoin, Stablecoins, and the Future of Global Finance The global mon…

Brian Cubellis
Brian Cubellis
Jan 3, 2025
The Macro Case for Bitcoin
Reports

The Macro Case for Bitcoin

Download Onramp’s full report here… The Macro Case for Bitcoin: Fiscal Dominance, Fiat Fragility, and the Remedy It has been mor…

Brian Cubellis
Brian Cubellis
Nov 20, 2024
Everyone’s a Scammer (Part Deux)
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…

Jesse Myers
Jesse Myers
Sep 11, 2024