Fulgur Ventures is announcing its investment in Komainu, the regulated institutional digital-asset custodian created in 2018 as a joint venture between Nomura, CoinShares, and Ledger. With operations across Jersey and London, Komainu has built a regulated, audited, and insurance-grade platform for the world's largest financial institutions to safeguard Bitcoin and other digital assets.

Custody is the unsexy but indispensable layer underneath every serious institutional Bitcoin allocation. Funds, banks, and corporate treasuries cannot operate without a custodian that satisfies regulators, auditors, risk committees, and insurers simultaneously. Komainu's heritage, combining Nomura's global banking discipline with Ledger's hardware security and CoinShares' market expertise, gives it a credibility profile that few independent custodians can match.

We participated in Komainu's $75 million Series B led by Blockstream Capital in January 2025, which marked a significant signal of confidence from the Bitcoin-native ecosystem. The round backs continued expansion across jurisdictions, deeper collateral and prime services, and the integration of capabilities that institutions increasingly demand alongside cold storage, including staking, settlement, and tokenization workflows.

This investment fits Fulgur's thesis that Bitcoin's institutionalization will not be carried on the back of a few mega-custodians but by a small set of credibly regulated specialists with deep banking-grade controls. Komainu is one of those firms. We are pleased to support the team as they continue to build the secure, regulated foundations that allow large pools of capital to hold Bitcoin properly.