We built a different path. We introduced the first ownership structure requiring independent verification from multiple regulated institutions before any movement of bitcoin could occur. A 2-of-3 multisig quorum, with keys distributed across Onramp, BitGo, and Coincover. No single point of failure. The client retains full economic ownership and on-chain verifiability, without carrying the key management burden that breaks most self-custody setups and without extending blind trust to any single custodian.

That architecture, Multi-Institution Custody, became the foundation for everything that followed.

Bitcoin’s protocol eliminates trust at the monetary policy layer. Single-custodian models reintroduce precisely the counterparty risk bitcoin was built to solve. Self-custody, while a critically important element of what makes bitcoin special, often collapses under the weight of its own operational demands for many holders. Multi-Institution Custody resolves both failure modes by distributing key control across independent regulated entities, eliminating single points of failure, preserving on-chain auditability, and removing the personal attack surface that makes self-custody untenable at scale.

Our Multi-Institution Custody network has grown to reflect that ambition. BitGo and Coincover have been foundational partners since day one. In 2025, we added Tetra Trust, extending our reach globally and enabling multi-jurisdictional quorums — a meaningful step for families with international structures and for clients who value cross-border key distribution. We continue to evaluate additional key partners, and expect the network to expand further as Multi-Institution Custody becomes the standard for serious bitcoin ownership worldwide.

That means deepening the Multi-Institution Custody network with additional key partners, expanding Onramp Finance into every line of the household and business balance sheet, shipping product enhancements like Guardian that raise the bar for bitcoin ownership, and continuing to build the research, media, and community infrastructure that accelerates the flywheel.

That’s the bar we’ve set, and the bar we intend to keep clearing.