River
River is a Bitcoin company in the Exchanges category, founded in 2019 by Alexander Leishman, Andrew Benson.
The Idea
A Bitcoin-only financial services company for individuals, businesses, and institutions, built on a full-reserve model that holds every client's Bitcoin 1:1 in multi-signature cold storage with no lending or rehypothecation. Beyond brokerage and custody, it offers recurring buys, hosted mining, and interest on cash paid in Bitcoin.
Early Traction
As trust in mixed-asset lenders collapsed with the blowups of FTX, Celsius, and others, River's Bitcoin-only, security-first refusal to lend or rehypothecate client Bitcoin stood out. It raised a $35M Series B in 2023 led by Kingsway Capital, with backers including Peter Thiel and Valor Equity Partners.
Peak Stats
Holds over $800M of client Bitcoin in full-reserve custody, verified by a monthly proof-of-reserves report, and runs an enterprise Lightning API that lets other companies plug into instant Bitcoin payments.
Status Today
Active and growing across retail, business, and institutional clients, expanding its Lightning infrastructure and mining, and publishing widely cited research on Bitcoin ownership and the Lightning Network.
Why It Matters
River represents the full-reserve, Bitcoin-only approach to financial services, holding client Bitcoin 1:1 and proving it monthly rather than lending it out. In a sector repeatedly damaged by firms that gambled with customer funds, River makes the case that durability comes from transparency and conservative custody.