ARK Invest-backed Quantum Solutions has emerged as the largest Ether digital asset treasury outside of the United States after accumulating $9 million worth of ETH in just one week. Quantum Solutions’ founder, Francis Zhou, announced the company’s latest Ether purchase on Thursday.
“I’m proud to announce that we have accumulated 2,365 ETH in just seven days, officially making Quantum Solutions the largest ETH digital asset treasury outside the US,” said Zhou, adding that more Ether acquisitions are planned. The company stated it is now Japan’s leading publicly listed Ether DAT and ranks 11th globally, citing figures from CoinGecko.
Quantum Solutions also holds a modest Bitcoin treasury, with 11.6 BTC valued at $1.3 million. Last week, Zhou indicated the firm was buying ETH at a rate of 150 million yen ($983,000) per day and intends to accelerate accumulation further. Currently, the company holds 3,866 ETH worth about $14.8 million, according to its website.
The Tokyo Stock Exchange-listed firm raised $180 million last September with the goal of building a 100,000 ETH treasury, backed by venture capital firms including ARK Invest and Susquehanna International Group. While Japan remains open to publicly listed digital asset treasuries, other regional exchanges such as Hong Kong, India, and Australia have begun imposing restrictions.
“Three months into the DAT revolution, we’re happy to support Japan’s first institutional-grade ETH DAT,” said ARK Invest founder and CEO Cathie Wood. ARK Invest also invested earlier this year in BitMine, the world’s largest Ether digital asset treasury led by Tom Lee. The firm’s stock was added to ARK’s innovation and fintech funds in September.
However, enthusiasm for digital asset treasuries appears to be cooling, with share prices of some major crypto holders declining recently. Last week, Tom Lee questioned if the DAT bubble had burst, echoing analysts at 10x Research who stated, “The age of financial magic is ending for Bitcoin treasury companies.” Despite this, Lee has been aggressively buying during the recent crypto market downturn.
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