Oleblue
2 weeks ago
BTQ Technologies: A Quantum Bet That's Starting To Look Timed Right
Jun. 24, 2025 10:14 AM ETBTQ Technologies Corp. (BTQQF)
Emmanuel Onwusah
BTQ is an early-stage post-quantum cryptography company targeting a market that could materialize faster than expected due to global quantum computing investment.
The company differentiates itself with a vertically integrated stack—software, hardware, and protocols—addressing urgent infrastructure needs for the post-quantum internet.
Products like Kenting, PQScale, and QPoW show tangible progress and unique positioning, but commercial traction is still in its infancy.
Given high valuation and execution risks, I rate BTQ a Hold: the vision is compelling, but I’m waiting for clearer momentum before buying.
3D illustration of a working quantum computer. Quantum computing concept
I normally steer clear of pre-revenue companies, especially in deep tech. But BTQ Technologies Corp. (OTCQX:BTQQF) has managed to catch my eye for one reason: the market it’s chasing may arrive faster than most think. Think about this: the US, China, and the EU are pouring billions into quantum computing, so the question isn’t whether today’s cryptographic systems will become obsolete — it’s when. BTQ is positioning itself to be on the front lines of that shift, and yes, the company is still early in its journey.
However, I think that its tech roadmap, partnerships, and recent uplisting efforts suggest it's serious about staking a claim in a market that isn’t fully formed yet but absolutely will over the next few years.
From what I’ve read and seen so far regarding what BTQ is up to, I’d say the real bet here isn’t on what the company is today. It’s on whether the infrastructure to secure the post-quantum internet will be a multibillion-dollar arms race. If it is, and timing aligns, BTQ could be an early mover worth keeping on radar.
Company Overview
First things first. BTQ Technologies is a fairly new company, founded in 2021, and it’s still pretty small, only having around 27 employees or so, per PitchBook. The company went public in 2023 and is listed on the OTCQX under the ticker BTQQF. That listing is what gave it a platform to be visible to the US market, and it currently has a pending application to list on the NASDAQ.
Now, I wouldn’t want to call BTQ a cybersecurity company dabbling in quantum computing, because that isn’t quite accurate. I think a better description would be that it’s a post-quantum cryptography company focused on developing security tools that will protect digital infrastructure once quantum computers are powerful enough to break today’s encryption. The company isn’t just trying to build quantum computers; what it’s doing is more practical, and arguably more urgent.
At its core, BTQ is working on cryptographic libraries, protocols, and software systems that comply with the emerging post-quantum standards being developed by NIST and other regulatory bodies. But what makes the company interesting, at least to me, is that it’s not stopping at software. BTQ is already extending into hardware acceleration and custom blockchain integrations, and its recent acquisition of processing-in-memory IP suggests it’s thinking more like a platform than a toolkit. The partnership with QPerfect is one of many positive signs on that front.
In my view, its unique selling point is pretty straightforward: most of the players in this space are developing isolated cryptographic modules. BTQ is trying to build a vertically integrated stack (think software, hardware, and real-world use cases) that makes it easier for enterprises, infrastructure providers, and possibly governments to adapt to a quantum-threat world. That scope is ambitious, but the groundwork is there. And in a pre-revenue company, that kind of early focus actually matters.
Macro & Market Context: The Threat Is Real, and the Clock Is Ticking
First, let me outline the prevailing conditions and outlook that underscore why I think the company is one to watch. The case for BTQ isn’t just about what it’s building; it’s also about when. The quantum computing arms race is no longer theoretical. Market research from McKinsey shows that the revenue base for the technology will grow to $72 billion by 2025. That’s an increase of 1700% from 2024’s number.
Now, the majority of that growth will come from the US, China, and the EU, which are already pouring billions into research. And yes, the timelines vary, but there seems to be broad agreement that within the next 5 to 10 years, quantum machines will be able to break the encryption standards that keep today’s internet, banking systems, and secure communications safe. Obviously, that’s a massive risk hiding in plain sight.
What I’m watching closely is the policy shift. NIST has already selected the first set of quantum-resistant algorithms, and U.S. federal agencies have already started migrating their systems. Big enterprises are next. In short, the security stack is going to change, not in 20 years, but in the next cycle. And the vendors who help companies transition will be at the center of that shift.
Most cybersecurity names right now are still focused on today’s threats: endpoint security, malware, phishing. BTQ is positioning itself a layer deeper by working on the infrastructure-level tools that will basically be the main line of defense in a post-quantum world. If the timeline for practical quantum computing shortens, and the signs are there that it might, then we will see demand for quantum-safe tools surge.
To be absolutely clear, I’m not saying that this macro backdrop guarantees BTQ’s success, of course. But it validates the need for what the company is building, and that matters, especially in a space where timing is everything.
Technology & Positioning — Ambitious Stack, Early Signals
BTQ has clearly shifted from theory to tangible execution, and its products reflect that progress. Here are the main ones:
• PQScale – A quantum-resistant signature compression and scalability tool that uses lattice-based cryptography and zk-SNARKs to reduce signature sizes significantly, optimized for blockchain use.• Keelung – A domain-specific language built in Haskell that simplifies the development of complex zero-knowledge proofs (ZKPs), aimed at developers in privacy-sensitive apps.• Kenting – A hardware accelerator for ZKP workloads, designed to accelerate secure computation. Benchmarks show it boosts Number Theoretic Transform computations by about 50%—a real-world gain.• Preon – BTQ’s own post-quantum signature algorithm that is reportedly aligned with NIST standards, positioning it for broader standard adoption.• QPoW – A novel “quantum proof-of-work” protocol meant to reduce energy intensity of blockchain consensus by running initial workloads on noisy intermediate-scale quantum (NISQ) devices.• QByte – A risk calculator designed to quantify the practical threat of quantum decryption to existing cryptographic infrastructure, helping enterprises prioritize mitigation.
Let’s talk about a few of them.
Kenting Hardware Accelerator
Kenting is BTQ’s FPGA-based hardware accelerator built specifically for zero-knowledge proof (ZKP) workloads. According to the company’s website, it speeds up Number Theoretic Transform (NTT) operations by 50x or more, turning multi-second proof generation into millisecond-scale tasks.
Why is this important? Well, Kenting addresses a real bottleneck: ZKP systems are powerful tools for privacy and scalability, but they’ve been held back by slow computation. Integrating Kenting into its stack, including the Keelung programming framework, means that the company can offer real performance gains. That’s a pretty big step toward making ZKPs practical for enterprise and blockchain use cases.
Also, keep in mind that this hardware-software synergy gives BTQ a leg up on its peers, who are mostly delivering software libraries. It tells potential enterprise and blockchain partners that BTQ’s ambition extends beyond algorithms, and these are the kinds of customers who need solutions to their systems-level challenges today.
PQScale Signature Scaling Service
Signature size is a major pain point in post-quantum cryptography (PQC), but don’t just take my word for it. It’s a widely cited issue in the industry, and standardizing the PQC algorithms is going to be a major leap forward. Falcon signatures, for instance, can be 10× larger than traditional ECDSA signatures, which translates directly into network load and storage concerns. PQScale tackles this head-on with quantum-safe signature compression and aggregation via zk-SNARKs.
In practice, PQScale can compress thousands of signatures down by roughly 90%. What we have here, then, is a concept that’s potentially viable for high-throughput environments like blockchain nodes, payment systems, or distributed ledgers. So, if BTQ can gain pilot usage or traction with Ethereum-level deployments, that can completely shift its trajectory from research curiosity to a scalable infrastructure provider.
QPoW Quantum Sampling Proof-of-Work Protocol
The idea behind BTQ’s QPoW is that it offers an alternative to energy-intensive, classical proof-of-work systems (like Bitcoin’s) by using quantum sampling methods. A pilot MOU with French quantum firm Quandela is already underway. I read the press release, and the gist is that the exploratory effort is for figuring out how photonic quantum processors can validate transactions in a more energy-efficient way.
With this, we have another promising product, and we can see that QPoW isn’t just an academic prototype. It’s a bold, emerging solution that addresses both quantum risk and crypto sustainability. If it turns out to be successful, then BTQ can carve out a niche in blockchain validation. That is especially positive, given that both utility and regulatory pressures are driving the demand for greener consensus methods.
Why These Products Matter for BTQ Today
A tangible roadmap: Between the hardware power of Kenting, the blockchain deployment promise of PQScale, and the futurist appeal of QPoW, BTQ has three distinct product vectors that demonstrate the stepping stones from lab to pilot, and eventually to commercial adoption.
Differentiation: Broadly speaking, most companies in post-quantum cryptography are playing the algorithm side. BTQ is building software, hardware, and protocols. That’s the verticality I respect, and it matters when you're betting on execution.
Market timing: Government agencies and standard-setting bodies are already mandating PQC transitions, so early movers could lock in demand. BTQ’s products align with that timeline, and they’re showing up in academia, grants, and pilot programs.
Valuation
I’d say BTQ’s valuation today reflects its early-stage status. It trades with a market cap of ~$380 million, and the enterprise value isn’t too far behind at ~$371 million. As I also pointed out in the intro, this is a new company, one that’s only been public for two years or so, and there’s fairly negligible revenue, around $500-$600k in the last set of accounts. So, there’s no forward P/E or EV/Sales multiple available because operating metrics simply don’t exist yet. But I think that investors are valuing the narrative over traction, and it’s easy to see why.
Still, at that price, the valuation has a pretty hefty premium for a company with little in the way of revenue. Essentially, if you buy the stock now, you are paying for optionality: IP, unmet market need, and early-stage tech positioning. I think there are numerous reasons to be bullish, but I’m not ready to go full Buy yet. I’m leaning toward a Hold: very, very interested in the progress, but waiting for execution and clearer signs that momentum is materializing.
Investor Takeaway
BTQ is still early, but it’s not aimless. The company has a very focused mandate, a technically credible roadmap, and just enough momentum to stay on the radar. Even more importantly, what it’s trying to solve, post-quantum security, is real, and we already have the regulatory and commercial groundwork being laid across the US and global markets.
But this isn’t a business you buy for financials, at least not in the near future. It’s one you track for inflection. The valuation is forward-looking, the risks are high, and the timing is uncertain. For now, I’m holding because while I’m optimistic about the vision, it makes sense to wait for the execution to catch up.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
This article was written by
Emmanuel Onwusah
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Oleblue
1 month ago
Quandela and BTQ Partner to Test Quantum-Secure, Energy-Efficient Blockchain Protocol
Cierra Choucair
May 28, 2025
Insider Brief:
BTQ and Quandela have signed an MOU to explore the use of photonic quantum computing for BTQ’s Quantum Sampling Proof-of-Work (QSPoW), a quantum-secure, energy-efficient alternative to Bitcoin’s traditional mining model.
The collaboration will test Quandela’s real and simulated boson-sampling data to evaluate QSPoW performance and its potential to reduce energy consumption and resist quantum attacks.
If benchmarks are met, the companies will explore commercialization, including the integration of Quandela’s Belenos quantum processor into future quantum-secure blockchain systems.
The initiative addresses growing quantum threats to digital assets and positions QSPoW as a next-generation solution for securing decentralized networks like Bitcoin.
PRESS RELEASE — BTQ Technologies Corp., a global quantum technology company focused on securing mission-critical networks, is pleased to announce the signing of a Memorandum of Understanding (MOU) with Quandela SAS, a pioneering French quantum computing company renowned for its NISQ-era photonic quantum computing platform.
This collaboration marks a strategic step forward in evaluating how emerging quantum technologies can enhance blockchain systems. The partnership will center on BTQ’s Quantum Sampling Proof-of-Work (QSPoW) protocol—a novel approach to blockchain validation that aims to significantly reduce energy usage while strengthening cryptographic security.
Under the MOU, BTQ and Quandela will jointly explore several strategic areas. These include investigating real-world use cases for Quandela’s photonic quantum computing platform, working together on the use of Quandela’s boson-sampling technology—both simulated and real—through its Perceval cloud platform, and analyzing how this data performs in BTQ’s Quantum Sampling Proof-of-Work (QSPoW) testnet. Based on the outcomes of this analysis, the two companies will also evaluate potential pathways for commercialization.
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Proof-of-Work (PoW) systems—like those used by Bitcoin—rely on massive computing power to validate transactions. BTQ’s QSPoW replaces this with boson sampling, a quantum process where light particles (photons) pass through an optical network to generate hard-to-predict outcomes. These outcomes can serve as a quantum secure and energy-efficient alternative to traditional PoW, and because this problem is hard to solve on non-quantum computers, the protocol is resistant to power hungry ASIC devices. QSPoW also creates a path towards creating a quantum-safe store of value by incorporating properties of quantum mechanics into the PoW consensus algorithm, ensuring no quantum adversary will be able to control the network. This approach directly addresses the growing threat quantum technologies pose to digital assets like Bitcoin, a concern recently highlighted in BlackRock’s amendment to its risk disclosure in its S-1 filing.
While various actors in the Bitcoin community are taking steps to enable the uses of cryptographic algorithms that would be resistant to advanced quantum computers, there is no guarantee that new quantum-proof architectures will be built and appropriate transitions will be implemented across the network at scale in a timely manner; any such changes could require the achievement of broad consensus within the Bitcoin network community and a fork (or multiple forks), and there can be no assurance that such consensus would be achieved or the changes implemented successfully.” – BlackRock, Inc. (2025).
As quantum computers become more powerful, the security of Bitcoin comes under increasing threat. Today, Bitcoin relies on traditional cryptographic frameworks and Proof-of-Work to keep the network secure—approaches that future quantum machines may be able to break. BTQ’s Quantum Sampling Proof-of-Work (QSPoW) is being developed as a next-generation solution that could help protect Bitcoin from these emerging risks, while also using far less energy than current mining methods.
As part of the collaboration, Quandela will deliver datasets tailored to BTQ’s technical requirements, which will include both simulated quantum data and experimental results where feasible. BTQ will use this data to conduct tests on its QSPoW testnet and will share its performance analysis with Quandela. Together, the two companies will also explore techniques to reduce errors in quantum processes and will assess how Quandela’s Belenos quantum processor could be integrated into future versions of the QSPoW protocol.
“This MOU reflects our shared ambition to advance real-world applications for quantum hardware and software,” said Olivier Roussy Newton, CEO of BTQ Technologies. “We’re excited to work with Quandela to rigorously test our QSPoW protocol and set the foundation for a new generation of blockchain security.”
Niccolo Somaschi, CEO of Quandela, added: “Partnering with BTQ highlights the versatility and promise of our photonic quantum platform. This collaboration is a great opportunity to demonstrate how quantum technologies can be used for emerging cryptographic protocols.”
The MOU outlines a framework for ongoing cooperation, information sharing, and public announcements of any meaningful scientific or commercial outcomes.
SOURCE: Quandela
https://thequantuminsider.com/2025/05/28/quandela-and-btq-partner-to-test-quantum-secure-energy-efficient-blockchain-protocol/?_bhlid=80bce4cd9215bbe3e97cd89fc0da364857139376
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