9 Wall Street and Crypto Giants Unite to Protect Bitcoin With $15 Million Initiative
Nine major financial and cryptocurrency companies have formed the Bitcoin Security Consortium, pledging $15 million over three years to support open-source developers and advance quantum-resistant security research. The group, announced July 23, includes BlackRock, Coinbase, Strategy (formerly MicroStrategy), Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy.
The consortium aims to strengthen Bitcoin’s long-term security without creating a centralized funding authority. Each member independently directs its own funding to developers, researchers, and organizations of its choice. This structure is designed to support Bitcoin’s open-source ecosystem without influencing the network’s technical direction.
Mike Schmidt, executive director of the nonprofit Brink, will coordinate the consortium’s day-to-day activities in a volunteer role. Brink funds open-source Bitcoin developers and supports Bitcoin Core contributors and security research.
The launch comes as institutional investment in bitcoin grows through ETFs, corporate treasury strategies, and custody services. Companies have an increasing financial interest in protecting the network.
One of the consortium’s main priorities is post-quantum cryptography. While quantum computers capable of threatening Bitcoin do not yet exist, credible estimates place that capability years away. Upgrading a decentralized network can take years, requiring research, testing, and coordination of any future migration. Brink has already supported work on hash-based signature schemes and quantum-resistant Bitcoin protocols.
Developers are studying several migration options. One proposal could enable quantum-safe transactions without a consensus change; another would eventually freeze coins in vulnerable legacy addresses if owners fail to migrate them.
Robert Mitchnick, BlackRock’s global head of digital assets, emphasized the importance of funding Bitcoin Core developers, saying they do “incredibly important work.” The consortium also plans to publish educational material on Bitcoin security for investors, journalists, and the public.