Coinbase showed relatively low exposure levels in Glassnode’s report at just 5%.
• Binance, Gemini, and Bitfinex recorded significantly higher exposure, with the latter two at 100% exposure.
• The report identified exchange wallet-management practices and address reuse as major contributors to operational quantum exposure.
Quantum-computing stocks rallied in pre-market trade on Thursday, reviving debate around Bitcoin’s (BTC) long-term security model and putting crypto exchanges like Coinbase (COIN), Binance (BNB), and Gemini’s (GEMI) wallet-management practices under renewed scrutiny.
A recent Glassnode report from earlier this week added fuel to the debate by estimating that more than 30% Bitcoin’s circulating supply is exposed to potential future quantum-computing attacks. It flagged that balances on some exchanges are at greater risk than on others.
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BTQ Technologies (BTQ) is among the few public companies explicitly pitching quantum-safe Bitcoin infrastructure. BTQ’s stock rallied nearly 20% in the previous session and was edging higher in pre-market trade. Retail sentiment on Stocktwits around the company rose to ‘bullish’ from ‘neutral’ over the past day, and chatter jumped to ‘high’ from ‘low’.
The renewed focus on quantum risks comes as investors pile into quantum computing names following the Trump administration's announcement of a $2 billion equity investment across nine quantum computing companies. More than 50% was allocated in a new International Business Machines Corp. (IBM) venture that will manufacture quantum chips.
According to a Glassnode report, around 6.04 million Bitcoin, which account for 30.2% of BTC’s total supply, currently have public keys visible on-chain, putting them at “at-rest” quantum exposure.
It also found that exchange-related balances account for roughly 1.66 million Bitcoin, equivalent to around 8.3% of the total supply.
Glassnode’s data pegged Coinbase to have comparatively limited exposure, with only around 5% of labeled balances categorized as exposed. Binance, on the other hand, showed exposure at 85%, while Bitfinex and Gemini were listed at 100% under the report’s framework.
Outside traditional exchanges, the report showed Robinhood (HOOD) and WisdomTree with fully exposed balances, while Fidelity and Block’s (XYZ) Cash App were closer to 2%.
The report identified exchange wallet-management practices and address reuse as major contributors to operational quantum exposure.