Company pushes back after reports suggest a $9B Bitcoin sale by a wealthy client was tied to quantum computing fears.
Galaxy Digital denied that a $9 billion Bitcoin sale by one of its clients was linked to quantum computing risks, countering speculation after its earnings call.
Following the company’s earnings call, crypto community members pointed to a $9 billion Bitcoin (BTC) sale by one of Galaxy’s wealthy customers who was “fairly concerned about BTC quantum resistance.”
Alex Thorn, Galaxy’s head of research, said in a Tuesday X post that the $9 billion trade executed on behalf of its client was not due to Bitcoin-related quantum computing concerns.
Galaxy reported a net loss of $482 million in the fourth quarter of 2025 and a $241 million loss for 2025 in its quarterly report published on Tuesday.
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The impact of a future quantum computing breakthrough has been a long-standing concern for cryptographers, and began emerging in asset management practices in recent years.
In January, investment bank Jefferies’ “Greed & Fear” strategist, Christopher Wood, reportedly eliminated his 10% Bitcoin allocation recommendation from his portfolio, citing concerns around advances in quantum computing.
Blockstream CEO Adam Back dismissed the concerns and argued that quantum computing would need at least 20 to 40 years to pose a threat to Bitcoin.
To address the perceived quantum computing threat, a group of Bitcoin advocates and crypto fund managers started championing the Bitcoin Improvement Proposal known as BIP-360, which would introduce a post-quantum signature option for Bitcoin addresses that could be vulnerable to future advances in quantum computing.
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Galaxy Digital’s earnings call and reports of the massive crypto whale offloading assets came as Bitcoin briefly dipped below $74,000 on Tuesday, adding to concerns about the market.
In a separate interview with Bloomberg, Galaxy CEO Mike Novogratz said price falls may be nearing a bottom.
I think we’re getting close to the bottom, but we’ll see. You always know a bottom after you see it.”
Continued progress with the US market structure bill, also known as the CLARITY Act, could aid the crypto market’s recovery, Novogratz added.
On Monday, officials from US President Donald Trump’s administration met with representatives from the crypto and banking industry to discuss how to address stablecoin yield in the pending market structure bill.
In January, the CLARITY Acts markup was postponed by the Senate Banking Committee, which raised issues with the draft’s treatment of tokenized equities, decentralized finance provisions and stablecoin yield rewards.
The CLARITY Act seeks to create a clear delineation between the jurisdictions of the Securities and Exchange Commission and the Commodity Futures Trading Commission, in relation to crypto assets, as the first comprehensive crypto market structure framework in the US.
