Galaxy Digital has pushed back against claims that a $9 billion Bitcoin sale carried out for one of its clients was driven by fears around quantum computing, addressing speculation that followed its recent earnings call.
After the call, members of the crypto community suggested that the sale stemmed from concerns over Bitcoin’s resistance to quantum threats. The speculation centered on comments implying that the client behind the trade was “fairly concerned about BTC quantum resistance.”
However, Galaxy’s head of research, Alex Thorn, said in a post on X on Tuesday that the $9 billion transaction executed for the client had nothing to do with quantum computing risks tied to Bitcoin.
Galaxy reported a net loss of $482 million in the fourth quarter of 2025, along with a full-year loss of $241 million, according to its quarterly results released on Tuesday.
Quantum computing concerns weigh on Bitcoin
The potential impact of future breakthroughs in quantum computing has long been debated among cryptographers and has increasingly surfaced in asset management discussions in recent years.
In January, Jefferies’ Greed & Fear strategist Christopher Wood reportedly removed his recommended 10% Bitcoin allocation, citing worries about rapid progress in quantum computing.
Others in the industry have played down the risk. Blockstream CEO Adam Back has argued that quantum computing is unlikely to pose a meaningful threat to Bitcoin for at least another 20 to 40 years.
Still, concerns have prompted action within the community. A group of Bitcoin developers, advocates, and crypto fund managers have been promoting Bitcoin Improvement Proposal 360 (BIP-360), which would add a post-quantum signature option for addresses that could become vulnerable as quantum technology advances.
Crypto market bottom may be close as CLARITY Act looms as catalyst: Novogratz
Galaxy Digital’s earnings call, along with reports of a massive crypto whale selling off assets, coincided with Bitcoin briefly sliding below $74,000 on Tuesday, fueling broader market anxiety.
In a separate interview with Bloomberg, Galaxy CEO Mike Novogratz said the recent pullback could be approaching a bottom, suggesting that downside pressure may be nearing exhaustion.
I think we’re getting close to the bottom, but we’ll see. You always know a bottom after you see it.”
Novogratz added that continued momentum around the U.S. market structure legislation—known as the CLARITY Act—could help support a recovery in the crypto market.
On Monday, officials from President Donald Trump’s administration met with representatives from the crypto and banking sectors to discuss how stablecoin yield should be handled in the proposed market structure bill.
The CLARITY Act’s markup was delayed in January after the Senate Banking Committee raised concerns over how the draft addressed tokenized equities, decentralized finance provisions, and stablecoin yield incentives.
The legislation aims to establish a clear division of regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission for crypto assets, laying the groundwork for the first comprehensive U.S. crypto market structure framework.
