**Galaxy Digital**'s customer sold $9 billion worth of Bitcoin (BTC) in Q4 2025, citing concerns about quantum computing as the reason.
CEO **Mike Novogratz** referred to the quantum threat as a 'big excuse' during the earnings call on Monday, assessing it skeptically.
This sale was made by early investors who bought Bitcoin during the Satoshi era, and it took time to resolve, like distributing IPO shares. Novogratz pointed out that the profit realization by early Bitcoin investors is leading to a weakening of belief in the 'HODLing' philosophy.
"There were a lot of people who believed in the concept of HODLing like a religion," said Novogratz. "At some point, that enthusiasm waned, and selling began."
What happened?
The scale of this sell-off corresponds to one-quarter to one-third of the funds that BlackRock's iBit Bitcoin ETF is expected to bring in during the year 2025. Galaxy supported this transaction as a move for inheritance and estate planning in July 2025, and the quantum computing issue was highlighted in subsequent earnings discussion.
Novogratz acknowledged that quantum technology has long been cited as a potential threat to cryptocurrencies, but dismissed concerns that Bitcoin developers would be unable to implement quantum resistance upgrades if needed.
"I don't see that happening at all," said Novogratz. "In the long run, quantum will not pose a significant problem for cryptocurrencies. It will be a major issue for the world at large, but crypto, especially Bitcoin, can adequately respond to it."
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Why it matters
The pace of the industry's response to quantum threats has been accelerating recently. The Ethereum (ETH) Foundation established a dedicated Post-Quantum team in January, and Cardano (ADA) has also been actively pursuing quantum resistance upgrades.
**Coinbase** acknowledged that the algorithm of SHor could undermine the signatures protecting the private keys of Bitcoin addresses. Modern Bitcoin addresses hide the public key in a hashed form, but about one-third of the total supply is still assessed to be exposed to potential quantum threats.
Currently, quantum computers are operating at levels below 1,000 qubits. It is estimated that millions of qubits would be needed to actually break Bitcoin's cryptographic structure, so the prevailing view is that the threat is not imminent.
Novogratz interpreted this sell-off not as true quantum fear, but as part of a larger trend in which early investors, who have weathered crashes and volatility, are realizing profits. It reflects a weakening of faith even among those who have long shouted 'HODL'.
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