Nine prominent institutional players have launched the Bitcoin Security Consortium, committing a total of $15 million over three years to advance the long-term security of the Bitcoin network. The group aims to address emerging challenges such as the potential risks posed by future quantum computing advancements.
Nine-member coalition launched
The founding members of the consortium include Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy, and Strategy. These companies represent a diverse range of sectors within the Bitcoin ecosystem, encompassing asset management, exchanges, custody, infrastructure, and payment services.
Leadership for the day-to-day operations is provided by Mike Schmidt, executive director of Brink, a non-profit dedicated to Bitcoin development. Schmidt has taken on this responsibility as a volunteer, leveraging his experience from both Brink and Optech to support developers and promote clear information about their work.
Schmidt commented,
“Supporting Bitcoin’s developers and helping people understand their work have been my primary focus through Brink and Optech. This group intends to fund those maintaining Bitcoin’s security, while also sharing accurate information about these efforts with wider audiences.”
Each member independently directs its portion of funding to developers, researchers, or organizations of its choosing. The pledged $15 million is not a pooled fund but an aggregate of these separate commitments. The group also plans to serve as a reference source on Bitcoin security for investors, the public, and the media, issuing periodic updates as the landscape evolves.
Mini dictionary: Brink, founded in 2020 by Mike Schmidt and John Newbery, supports open-source Bitcoin development by providing grants and resources to developers.
| Consortium Member | Sector |
|---|---|
| BlackRock | Asset Management |
| Coinbase | Exchange and Custody |
| Strategy | Asset Management |
| Anchorage Digital | Custody |
| ARK Invest | Asset Management |
| Block | Payments/Infrastructure |
| Blockstream | Infrastructure/Development |
| Fidelity Digital Assets | Custody/Asset Management |
| Galaxy | Asset Management |
Commitment and boundaries
The consortium has drawn firm boundaries around its activities. It does not develop or control the Bitcoin protocol, take positions on protocol changes, or represent the Bitcoin developer community. Instead, its role mirrors industry groups that provide open-source funding without directing project outcomes.
“Bitcoin’s development is, and will remain, the work of a global, decentralized community of contributors,” stated the consortium.
Phong Le, Chief Executive Officer of Strategy, remarked, “As long-term holders, we have every incentive to see Bitcoin remain secure for generations. Funding those who safeguard it and informing stakeholders is a natural contribution for us.”
Robert Mitchnick, Global Head of Digital Assets at BlackRock, cited the “incredibly important work” of Bitcoin developers and emphasized that members would make “significant additional funding available to support Bitcoin’s long-term security needs.”
Brink, which coordinates the consortium’s activities, has distributed over $1 million annually to Bitcoin developers and has funded the first independent security audit of Bitcoin Core in recent years.
Quantum security and future priorities
A major focus of the consortium is the long-term risk posed by quantum computing. While large-scale quantum computers capable of compromising Bitcoin’s cryptography do not yet exist, some estimates suggest this threat may materialize within several years. The technical community continues to prioritize quantum resistance as a precautionary measure.
Recent institutional moves highlight increasing attention to this issue. Coinbase has created a quantum computing advisory board, Galaxy has initiated a quantum readiness program, and BlackRock has identified quantum computing as a risk in its Bitcoin ETF filings.
Developers have introduced proposals such as BIP-360 to move Bitcoin holdings to quantum-resistant addresses. The Bitcoin Policy Institute has also raised concerns about the advancing quantum computing timeline.
Members of the consortium hold different views on the urgency of addressing quantum risks. Adam Back, founder of Blockstream, believes a viable quantum threat remains decades away, while other participants see the need for swifter preparation. Research by Coinbase estimates that between 20% and 50% of the $BTC supply—much of it in older wallet formats—could become vulnerable in the event of a future quantum attack.
The consortium’s stated approach is to fund research and provide information, without speculating on exact timelines for quantum readiness. Their summary holds that the risk is real, while the network is actively preparing for these potential challenges.
