It remains uncertain when quantum computing will pose a real threat to Bitcoin, but the industry has begun prioritizing preparatory efforts. Galaxy Digital is launching a dedicated initiative focused on development funding, research publication, and academic collaboration, aiming to spur community action before the risk becomes reality.
Maximum funding of $5 million
The company disclosed that its Bitcoin quantum readiness initiative will provide up to $5 million in developer grants to support the development of post-quantum cryptographic solutions. Galaxy Research will also continue publishing related research and has established a new Quantum Advisory Board.
The initial advisory members come from the University of Calgary, MIT-related research projects, and Boston University. Galaxy stated that developer funding applications will open immediately.
The old address faces higher risk.
This initiative addresses what the industry calls "Q-Day"—the point at which quantum computers become powerful enough for attackers to use Shor's algorithm to break the elliptic curve cryptography currently used by Bitcoin.
Under these circumstances, wallets with exposed public keys are more vulnerable. Attackers could theoretically derive the private key, forge signatures, and steal assets. The article notes that old addresses and reused addresses carry higher risks.
Current proposed responses include migrating funds to quantum-resistant addresses and introducing new signing schemes through proposals such as BIP-360 and BIP-361. However, due to Bitcoin’s decentralized governance, these upgrades may take several years to implement.
Industry alerts are intensifying
Galaxy's actions align with recent industry assessments. In May, quantum security company Project Eleven stated that a quantum computer with practical cryptanalytic capabilities is likely to emerge by 2033, possibly as early as 2030, and estimated that approximately 6.9 million bitcoins are held in quantum-exposed addresses.
Coinbase’s Quantum Advisory Council also called on developers to initiate migration efforts as soon as possible in June, estimating a potential vulnerable supply of approximately 7 million BTC. In the same month, Trump signed two executive orders advancing U.S. quantum technology development and moving the federal deadline for post-quantum cryptography migration to December 2031.
Additional information: On July 16, Project Eleven proposed a new method to verify wallet ownership by proving control of the parent key after Q-Day, without fully relying on the original signature. Galaxy has not yet announced a specific timeline for the protocol upgrade.