Nine of the largest institutional names in Bitcoin have launched the Bitcoin Security Consortium, committing $15 million over three years to fund long-term network security research.
Founding members include Anchorage Digital, ARK Invest, BlackRock (NYSE: BLK), Block, Blockstream, Coinbase (NASDAQ: COIN), Fidelity Digital Assets, Galaxy, and Strategy (NASDAQ: MSTR), spanning custodians, exchanges, asset managers, and infrastructure providers.
The consortium’s primary focus is preparing Bitcoin’s cryptographic foundations for a future era of quantum computing, which researchers warn could eventually threaten the network’s security model.
The $15 million will not be pooled or centrally allocated; instead, individual members will independently choose which developers, researchers, or organizations receive funding.
The group has also stated it will not direct Bitcoin’s development process or take formal positions on proposed protocol changes, preserving the network’s decentralized governance structure.
BlackRock digital assets head Robert Mitchnick said that “Bitcoin Core developers do incredibly important work,” adding that the consortium would make additional funding available for Bitcoin’s long-term security.
Strategy CEO Phong Le linked the pledge to the firm’s position as the world’s largest corporate holder of Bitcoin, arguing that long-term holders have every incentive to ensure the network remains secure for generations.
The consortium’s day-to-day operations will be managed by Mike Schmidt, executive director of developer non-profit Brink, who will serve in a volunteer capacity.
The group acknowledged that large-scale quantum computers capable of threatening Bitcoin’s cryptography do not currently exist, with credible estimates placing such a capability several years away at minimum.
An April report from investment manager Bernstein suggested Bitcoin has approximately three to five years to complete a post-quantum security upgrade, adding urgency to what many had considered a distant concern.
Coinbase research has estimated that between 20% and 50% of Bitcoin’s total supply, much of it held in older wallet formats, could face exposure to a long-range quantum attack if adequate protections are not implemented.
Developers have already proposed migration frameworks, including BIP-360, which would transition coins to quantum-resistant addresses, while the Bitcoin Policy Institute has warned the available preparation timeline is compressing.
Galaxy Digital moved independently just days before the consortium’s announcement, pledging up to $5 million in grants for developers working on Bitcoin’s quantum security and electing a council of quantum-advisory experts to research migration solutions.
Coinbase has also formed its own quantum computing advisory board, and BlackRock has formally listed quantum computing as a risk factor in its spot Bitcoin ETF filings, signaling growing institutional seriousness around the issue.
Not all voices share the same sense of urgency, with Blockstream founder Adam Back characterizing the quantum threat as decades away, while others place a capable machine within the next several years.
