Galaxy Commits Up to $5 Million to Prepare Bitcoin for Quantum Threat

Galaxy Digital launched a Bitcoin Quantum Readiness Initiative on Tuesday, pledging up to $5 million in developer grants, a research program, and a Quantum Advisory Council to harden the network against quantum computing threats. The Nasdaq-listed firm will fund post-quantum cryptographic solutions, publish research through Galaxy Research, and convene an advisory council led by academic experts. "We believe it's important that we help be part of the solution to any potential threat quantum computing poses to Bitcoin," said Galaxy founder and CEO Mike Novogratz.

The initiative targets "Q-Day," when a quantum computer could break Bitcoin's elliptic curve cryptography using Shor's algorithm, potentially forging signatures and draining vulnerable wallets. Project Eleven projects a cryptographically relevant quantum computer could exist by 2030-2033, with an estimated 6.9 million Bitcoin currently at risk in quantum-exposed addresses. Defenses under discussion include migrating funds to quantum-resistant addresses and adopting new signature schemes through proposals such as BIP-360 and BIP-361.