BTQ Technologies Corp. (BTQ) Earnings Call Transcript & Summary

I think we'll give everyone a minute here to join, and then Matt, you can get started on the fun stuff. Disclaimers?

Yes. All right. Okay. Sounds good, everyone. Welcome to BTQ's Q3 2025 Earnings Call. And before we start, I'll just read off some disclaimers. So this communication contains forward-looking statements, which involve known and unknown risks, uncertainties and some factors that may cause actual results to differ materially from those expressed or implied herein. These statements are based on current expectations and assumptions and are subject to change. The company undertakes no obligation to update or revise them, except as required by applicable law. Okay. Now it's out of the way, we'll just present today's speakers. So we have Olivier, our CEO; Lonny Wong, CFO; Sean Hackett, Head of Product. We have Philippe Blot, Co-Founder and CEO of QPerfect, a company that we just acquired. And then we have Chris Tam, Director and Head of Innovation; and then myself, Matt, Head of Corporate Development. Yes, so I'll pass it off to Oli to get us started.

Good morning, everyone, and happy Monday. Thanks for joining our Q3 webinar earnings call. And we -- yes, we've spent a lot of time putting together some slides and presentations that will be available on our website shortly as lots has been transpiring at a company development level. But we thought we would go through kind of take things at a high level, kind of go from an update in terms of what's going on with the quantum market and then dive into what we're doing as a company to address the concerns and also the exciting advancements pertaining to the space. So as you can see kind of from this slide, quantum market, the U.S. has picked up on their National Quantum Initiative Act and almost doubling the size of funds available to just under $3 billion. The EU, where our QPerfect is based and some of our other subsidiaries, has really been, I think, the first time I was at the Quantum Flagship Initiative was, I think, 2015, 2014 in Amsterdam, where the EU first declared $1 billion in funding, but EU is outpacing every other nation around the world with over $7 billion in national programs aside from China, and that's obviously concerning. And that's what they're disclosing upfront, but China is investing $15 billion through 2030. I think it's a lot more under the table. South Korea as well, where we have our subsidiary and office and a lot of business operations is investing $2.4 billion. In terms of post-quantum cryptographic mandates, which Sean will touch on in depth and in a lot deeper, NIST, the National Institute of Science and Technology has been spearheading the development and standardization of post-quantum cryptographic standards for the past 10 years, which were finally finalized in August 2024, so about a year and 3-some months ago, which really kind of kicked things off in terms of the addressable -- created the sector for PQC hardware implementations, which we're actively a part of. There's been a lot of NSA movements, complex mandates, completion of the transition of the quantum-resistant algorithms program for the National Security Systems, which needs to be put in place by 2035 with classical cryptography providing 112 bits or less of security to deprecated after 2030 and completely disallowed after 2035. So for example, ECSDA (sic) [ ECDSA ], which is the fundamental cryptographic encryption algorithm under Bitcoin is supposed to be deprecated in 2030. And that will kind of imply volatile changes to a bunch of differentiated landscapes, digital assets being one. I think we're seeing kind of in real time a trade in the market where people are recognizing the value of quantum encryption in the form of Zcash, which is kind of the only kind of cryptocurrency that's green over the past kind of 1, 2 weeks. So it's very interesting to see. I think we will flip to the next slide. And obviously, also tons of different governments around the world are putting together quantum initiative acts. We're in active development discussions with a lot of them about how they fit in post-quantum cryptography, but also look at quantum as a market holistically with this idea of the quantum Internet coming to fruition. So I think we will -- this slide kind of just represents where we are, where exponential technologies are rising. And kind of as mentioned earlier, BTQ's mission is to accelerate quantum advantage. Quantum computers will one day sit alongside the Internet with traditional high-performance computing solutions, sharing the infrastructure that has been built over the past several decades. I think the Internet that was created at CERN. The reason we went from an obscure communication network into one of the most powerful business platforms is a simple fact that we trust the underlying infrastructure enough to trust store all of our valuable assets from money investments, virtual information and access to critical infrastructure and more. Universal support for encryption and authentication in every Internet connected device in the world is the technology that has made this possible. Thanks to the world's trust in cryptography, the world has a way to manage tens of trillions of dollars of valuable assets across the world, and basically secure every nation state's GDP globally. This is all going to change, and it's all going to change dramatically. And we're seeing kind of exponential shifts and new entire industries being built in very short time horizons, such as AI, AI compute, cryptocurrency, digitization of said digital assets, scientific computing. It's very hard to overemphasize the massive demand for compute and just how difficult it is for computing companies to keep up. Quantum computing represents one of the most exciting opportunities to supply the world with unprecedented computing power in various different modalities that we will dive into on our neutral atom computing platform. So I think we'll go to the next slide here. So when we've kind of -- and BTQ has been a kind of 13-year expedition for myself. But when we think about BTQ as a company, we really want to combine quantum hardware, software and networks and have them all essentially kind of correspond and add value to the different platforms so that they all work essentially holistically, and they need to, right? You can't scale quantum software without underpinning it with quantum hardware, and that can be in the form of security and/or future modalities of quantum computing such as neutral atom infrastructure. And so within BTQ, we have our quantum hardware division, which specific boson samplers, neutral atom quantum processors, FISQ, which is a coin, Dr. Gavin Brennen, our Chief Quantum Officer, penned, which is the existence that essentially quantum computers can be smaller scale devices than these just gigantic big black boxes and can perform quantum advantage at much smaller qubits levels in the hundreds of thousands and potentially less than that. And then obviously, we have our PQC secure chip elements, which Sean will touch on, which we call QCIM, which stands for Quantum Compute-in-Memory. We have our quantum software division, where we've come up with what we believe to be the first evidence of quantum advantage in the form of Quantum Proof-of-Work. What does that mean? That means taking basically quantum hardware and doing something that classical computers can't do in a more efficient manner. So using Quantum Proof-of-Work, we replicated what Proof-of-Work, the operation that powers Bitcoin and came up with 99.9% more energy saving and the enablement of post-quantum security, which we are hopeful that Bitcoin will eventually transition to. We're also working on one-shot signatures, which is a fascinating technology that will, we believe, one day, completely replace consensus mechanisms in blockchain as a whole and the entire digital certificate basically industry. In terms of quantum networks, and we'll touch on that kind of our software division. We've developed a topological consensus network called Léonne. We've demonstrated a version of Bitcoin in its quantum form as well as Solana. And one of the things I'm most excited about is essentially bringing the digitization of financial transactions globally on chain and being the security and settlement layer. And all of these kind of specific quadrants within our company's pipeline work together to fulfill one another. And we can switch to the next slide. So with all of this cool and fun stuff we're working on, obviously, there is the need to work within regulators, governments and shape a central future policy that is yet to be really, I think, defined. NIST has gone out and said, okay, there's these algorithms that we're standardizing, how do you employ them in various form factors? What are they going to be used for? How do they fit into advanced AI infrastructure, digital asset infrastructure, has all yet to be really kind of -- yet to be seen. I think the SEC has done a great job of basically underpinning the importance of basically a post-quantum financial future. Like in mid-September, they came out with a PQFIF framework, which stands for Post Quantum Financial Infrastructure Framework, where BTQ's quantum-secure stablecoin network was highlighted as kind of like this is a framework that needs to be employed, deployed across financial transactions. And that's something that we're working hard on. And I think we've been fortunate enough to also co-chair QuINSA, which is kind of the equivalent of NIST in Korea, which has kind of mandated QSSN as well as our Quantum Proof-of-Work into law. And we are now working, and Chris, who's been leading the software team and development out of Taiwan on that initiative will go into more detail, but we've been fortunate to really kind of have our products put into law and then work with leading industry companies that are looking to essentially roll out their stablecoins. And so that's happening in Korea, which is, I think, in terms of cryptocurrency digital asset adoption, third largest in the world. And so tons of transactions, tons of users, tons of users of stablecoins. And the equivalent of the GENIUS Act was passed several weeks ago in Korea. So we will be -- we're very excited about underpinning the security and government reporting that these Internet giants in Korea will be as they issue their stablecoins underpinning with QSSN. So I think -- and I've said this for, I think, probably 6 or 7 years, but I have a 15-something, I think it's probably longer, I've lost track, but since around 2010, 2011, exposure to Bitcoin, blockchain, building companies in that space. And I strongly believe, and we will see it play out and roll out with QSSN that quantum technologies in the near term, for sure, will be the most utilized in digitized monetary transactions, which will be enforced by regulators globally. I think this is probably the highest revenue generation product that one will see out of the quantum ecosystem. And it also doesn't require billions of dollars of CapEx, such as a quantum computer. So we're very excited as a company to lead the charge with regulators around the world implement this much-needed technology for the scalability of basically the digitization of financial transactions. It's really not just the cryptocurrency market, but the entire -- all of the large banks from JPMorgan to Morgan Stanley and all of these players will be rolling out their own stablecoins or whatever they call them distributed ledgers for cheaper, more efficient transactions and QSSN will be the settlement layer for post-quantum security. So then we can go to the next slide. I'll keep this short, but the amount of assets at risk globally is massive, right? I think I was at a conference in Miami and everyone was worried about basically kind of a public company having to buy back Bitcoin because they borrowed it within debt and Bitcoin slipping and things like that. Once we see kind of key addresses and things like that compromised with quantum attack vectors, it's essentially game over, I think, for kind of a very disruptive technology, but the premise of that technology has been its cryptographic security, one, and the fact that it can be passed down from generations to generations like digital gold. They just -- one thing that's been overlooked is the quantum age. And that's just kind of -- it's something we have -- we're passionate about potentially helping to assist, secure, but it's just kind of a small, I would say, a small test case in terms of what disruption could look like when nation states start implementing quantum-related attacks across critical infrastructure. So we need to be deploying and getting our act together on basically what we believe is a holistic technology stack that we've developed at BTQ to secure the future of the Internet-based economy as we know it. So I've briefly touched on our three core pillars, and I will let the respective teams dive into them specifically. I'm not sure if there's a slide after this, but we specifically touched on QSSN. And we see this as a kind of -- basically kind of the future SWIFT/DTCC that's required in a post-quantum era to process transactions. We're obviously kind of initially focusing on stablecoin implementations like I mentioned in Korea. And there's some points here of why we win, first-mover advantage, relationships with regulators and stablecoin issuers. And we've been working on the technology to make sure that it's seamlessly integrated without the user ever knowing it exists. So I think we can skip to the next slide there. QCIM, I mean, extremely excited to be working with Sean and Zach and our growing quantum hardware team on the state side. Sean will go into this in far more detail than I can just because he created it. But essentially, we want to build and are building and have tested and shown that this is the leading and most secure space-efficient, transaction-efficient chip design to secure anything and everything that requires a secure enclave from drones to iPhones, to critical infrastructure, everything will be secured with QCIM, which again stands for Quantum Compute-in-Memory. And yes, I mean, Sean can touch on this further, but compute and memory and processing and memory has had billions and billions of dollars spent on it in the past few years because it's been the cornerstone to artificial intelligence chip design. And so the radical guys as well as our hardware team in Taiwan for many years, basically realized that no one was applying compute processing and memory towards the acceleration of post-quantum encryption algorithms. And so that's where we've created a [ modded ] intellectual property defensibility position and the best team to execute on it. I think we can go to the next slide. And likewise, we also have the honor of having Philippe Blot calling in from Strasbourg, but I'll let him take this a bit further. But we're -- I think this is -- for some people on our team, it has been a kind of a 20-plus year exercise, but our Chief Quantum Officer, Dr. Gavin Brennen, co-invented a neutral atom quantum computing, which is now, I think, in the last 2 years, taken a life of its own. And QPerfect has been essentially at the forefront of quantum emulation for basically kind of advancing computing architectures required to basically make quantum computers at scale, test algorithms and functional designs, applications on such devices, which is of key importance to this whole space. One can kind of think of it as kind of like Android, an operating system for quantum computers, and I have been working with some of the largest and from Quantinuum to QuEra to assist with the measurements. And we have a demo prepared on what that all looks like shortly. So yes, I think highlights of recent news. As I mentioned, we've exercised the option to acquire QPerfect, which gives us a very great alignment with some of the smartest people I've met in the quantum computing space. Philippe, Guido squared, Guido Pupillo, Guido Masella, Shannon and Johan. They're based in Strasbourg, where they've helped create the European Center for Quantum Excellence. It's amazing to see how much talent is going in and out of those doors. And so we look to kind of use this as a stepping stone to build further invest and really become a dominant force in the European and obviously, global scene for neutral atoms and technologies pertaining to what else is being kind of uncovered. I think we're just scratching the surface of basically a software layer on top of quantum computers and what that can mean and do for all of the industries that are reaching out and saying, how do we use quantum computers? How do we run applications? You need quantum emulation to do that. And I think we can go to the next slide. Again, the team. I'm not going to touch too much into these because we have the industry domain experts on the calls here.

Actually, this will be a good time to bring up Philippe Blot from QPerfect.

Absolutely.

Thank you, gentlemen. Thank you, Olivier, for the introduction. It's our pleasure to be with you today and to get a chance to present QPerfect. I'm on the call with our CTO and Founder, Guido Masella, and we are happy to be with you. QPerfect, I mean, accelerating quantum advantage. It's also our mission. So we are more than glad that you tell this, make quantum computing practical, building the software and the control layer, making the bridge that's really scalable and reliable for quantum systems really depends on the software. So the software is key to the future of quantum computing. And as you have introduced MIMIQ on previous with a benchmark that Guido is going to demonstrate in a minute, this quantum logical unit starts with MIMIQ because emulation is the first way to prove that the quantum algorithm has a need and the benefit versus classical computing, HPC centers, et cetera. And what we are trying to achieve here is, first, and that's what there is three reasons where we are happy with this deal. First is the integration. For us, OSS, one-shot signatures is a real use case. It's something we were dreaming of having a real use case, which may change the world. And with a quite short target, 2026 to demonstrate that we can run one-shot signatures on the quantum neutral atom computers using our quantum logic platform. Second is a strong validation, but Olivier said a word about that as well regarding the first software we have presented and the benchmark around it with Quantinuum, QuEra, but also some customers who deploy it like Quobly, which is a spin qubit hardware company. Tomorrow, we will announce on supercomputing our platform on CUDA-Q from NVIDIA. It will be a major release for us on GPUs, but also initiative with government programs at the European level like the France-Singapore program where we are working on the Eureka initiative with Entropica. So for us, it is very important also to see that the story starts with emulation before going to quantum computers. And last, the positioning, we said a word about it with Olivier, but it is purely to be at the core of Europe. Strasbourg is well placed. We have a strong academic presence. We are a spin-off of the European Quantum for Science, where we are also -- our founders are also building neutral atom computers and the teams are working together every day. I don't want to say too much on this yet. First, let's focus on what is the simulation and how it brings advantages? And Guido is going to show you the platform today and how anyone from any place worldwide can reach our platform. Guido?

Thank you, Philippe. Thank you, Olivier. Chris, thank you all. Let me share my screen. You should be able to see it right now.

Yes, we do.

Perfect. So I prepared a very quick short demo on how our platform and the first product of QPerfect works. It's a bit for quantum computer, an emulator of quantum computers that can run the same kind of algorithm that run on a real quantum computer. Here as a first demonstration, I use Greenberger-Horne-Zeilinger state, circuit, an algorithm that prepared a quantum state that is given by the superposition of two state, one in which all the qubits, all the quantum bits of information are in 0 state, one which all the quantum bits of information are in 1 state. And this exemplifies notion on non-local correlations in quantum system of entanglement and it's often used this algorithm to prove and demonstrate the ability to manipulate complex entangle state in a quantum computer. So when simulating quantum state on a classical computer, then memory is a huge resource. For simulating system of only 16 qubits, we will need 1 megabyte of RAM. By adding one single qubit, we will double the amount. For a kin, we will have 4 megabytes. And by going higher and higher, for example, for 54 qubits, we would need 260 petabyte of RAM, which is with the naive technique, it's more than any computer on the face of the earth can do as of today. And with MIMIQ, we can use matrix holistic technique that allows to simulate larger and larger system. And this allow to design, test and benchmark quantum algorithms even before the non-quantum computer and 1 or 2 generations ahead of current quantum computers. I can run, for example, a simple simulation here on 14 qubits, a very small system, which can be done quite easily by MIMIQ in only a few tens of milliseconds with perfect fidelity, so perfect simulation of the system. And I retrieve state that I was expecting, all qubits being at 0 state and qubits being in 1. But what is important that with MIMIQ is that we can go to very high state, for example, here, for 58 qubit when the RAM to simulate this naively on a classical computer needed would be 4 exabyte. Well here, thanks to the advanced algorithm that we use in MIMIQ, we can simulate this right away in just a few cents of seconds. And Quantum Fourier Transform is another algorithm that is very important. It's one of the building blocks. It's a more complex algorithm that GHZ states preparation. It's one of the building blocks of many of the algorithms that we know in quantum computing. And it's also used, for example, in Shor's algorithm, which is used to factor prime numbers, which has a lot of users and application in security. And here are the same. We can run a simulation. We 20 qubit something that is possible even on a laptop, just in a few cents of a second. And also, we can scale simulation up to seconds, which are impossible to simulate naively on classical computer. And this allow us to test and validate quantum algorithms even before. One last thing that I wanted to show you, it's an application that has a connection with the emulator, which is connection with security, with cybersecurity and cryptography, which is a factoring prime numbers. Here, what we want to do is that given a number N, we want to find the two factors of P and Q that multiplied together gives this number. This is a very hard problem in classical computer, and there are already algorithms in quantum computing such as the Shor's algorithm that will be able to solve this problem, giving exponential advantages over a classical computer. Here, we demonstrate on our simulator an algorithm that has been developed also here in QPerfect at University of Strasbourg, which uses Grover Search algorithm to factorize prime numbers. I will skip the details on how this is implemented. But just as a comparison on current quantum computer, the biggest number that is being factored is 21, which is 3x7. With MIMIQ, we can factor 20 bit numbers, such as, for example, here, 6-digit numbers in a matter of seconds by running a full quantum simulation of the algorithms, and go even as high as 24 bit numbers. And so as you can see in just a few seconds, 8 to 10 bits numbers, as you can see here, when we have 8-digit number being factorized in less than 1 second.

Fantastic. Thank you, Guido. So this obviously has massive implications for the security that BTQ is working on. On one hand, we're providing security to prevent from such quantum attacks as the one that Guido outlined here. But it's a confluence of the two where we're struggling both sides that gives us a unique insight into how to protect digital security systems and also upgrade them to be quantum secure. Next, I'd like to invite Sean to the stage to talk about the hardware development we're doing with ICTK.

Hi, everybody. Good to talk to you. My name is Sean Hackett. I'm the Head of Product for Silicon at BTQ Technologies. I'm going to talk publicly for the first time about a very exciting product that I've been developing over the past 4 years that we're now calling QCIM. Recently, BTQ Technologies has formally announced a strategic partnership with ICTK Holdings, which is a global leader in secure chip design, and they're going to develop a secure semiconductor solution with us, opening a lot of new OEM and device level opportunities. So I would like to give some context about why this is an exciting development. But first, I want to give a little bit of background about me. Next slide, please, Chris. So I founded a small start-up called Radical Semiconductor in 2020 with BTQ's new Head of Hardware Security, Zach Belateche, as my CTO. Our goal was to build the most compact, most power-efficient cryptographic accelerator technology for post-quantum algorithms. Now the technology that we rely on, as Oli mentioned earlier, is called compute-in-memory. In short, compute-in-memory is a technique to reduce costly data movements in a high-speed processor, and it's commonly used in the AI architectures we see today. But let me tell you why we wanted to make a security product out of this technology. When we started, we were very cognizant of the changing post-quantum cryptographic landscape happening worldwide between NIST and other regulatory bodies around the world. Choices that you make in hardware secure elements are permanent. And while we were developing this architecture, we were seeing cryptographic schemes that we thought were secure broken on laptops within a couple of days. And we also saw a number of other countries around the world start to deviate from the NIST recommendations. So we knew that part of the solution of making post-quantum secure algorithms universal on all devices was to keep the architecture flexible to future algorithms. But as we spoke with chip makers and device makers, we were learning that staying flexible to future changes would not be easy for most secure enclaves. Post-quantum cryptographic algorithms being chosen now could sometimes have 10x larger key sizes or bigger compared to the previous public key algorithm, ECC. And even with very optimized IP blocks for post-quantum, we were ending up with really large power-hungry circuits compared to previous algorithms. And this poses a challenge. adding a dedicated PQC IP block to a secure enclave increases the power area in ways that device makers have a hard time adapting to. And not only that, but not all the end users are 100% convinced that these algorithms, the security of them, are going to be 100% secure in the future. If they're shown to be vulnerable, then they have to be changed, which likely means the secure enclave chips themselves will have to go through another 4-year redesign and certification process to get it out into the market. So this is a concept that's commonly known as crypto-agility in our field, the ability to change the cryptographic suite of the products when they're out in the field while they're running. And right now, the current way we design secure enclaves makes us very hard. So with these migration deadlines appearing as early as 2030, and a worldwide regulatory push to secure all the systems by 2035, these are some very hard hurdles to jump over. So this is why we wanted to use compute-in-memory. It's a completely new way to make secure enclaves. Finally, we have a way to make a reprogrammable secure enclave that doesn't sacrifice performance, doesn't sacrifice area and power resources on the chip and doesn't sacrifice the security guarantees that you expect in a secure silicon product. And after several years of development, what we came up with was one of the most efficient cryptographic architectures in the world. We call it Cryptographically Agile Secure Hardware or, CASH. When it comes to efficiency of processing, especially a low power area, we find that CASH is a best-in-class architecture. It can be used to make the smallest post-quantum secure enclaves in the world. And when you scale it up, the most efficient. And our benchmarks are showing breakthrough performance, not just in NIST PQC, but also in the existing algorithms, ECDSA, AES and SHA-3 with fewer gates than the competing solutions. Now one of the great benefits of our compute and memory architecture aside from the high efficiency, allowing it to fit even in the most constrained devices is that our design is reprogrammable. What we see -- losing my voice, my apologies. What we see is a cryptographic migration that's highly driven by compliance to new standards, many of which haven't been fully approved. So we're thinking not just of NIST, but in South Korea, there are four completely different algorithms like HAETAE, SMAUG-T, NTRU+ and AIMer. And in EU, the algorithms, FrodoKEM and Classic McEliece are all being recommended to several member states. This gives our secure enclave QCIM, a unique advantage compared to other secure enclaves by reducing the time needed to go from newly approved PQC algorithm to deployment. Now instead of having to redesign our secure enclaves from scratch and recertify the hardware, which could take 4 years or longer, what we have is a path to implement a secure version of the algorithm on QCIM, making the same hardware security guarantees and shortening the development and deployment time to 4.5 months. That is a 10x faster deployment time compared to redeveloping the hardware from scratch. Now this major advantage doesn't just open the possibility of being the most crypto agile secure enclave, but it can also adapt to new lightweight cryptographic algorithms that get released in the future. This is super important for products in blockchain who are constantly experimenting with new algorithms. This also is important for privacy technology like multiparty compute, Zero-Knowledge Proofs and any other advanced cryptography advancement that's made in the cryptography world that we think that standing at the start of a 10-year compliance-driven migration of PQC that the $1 trillion semiconductor market is in need of secure enclaves that could be future-proof, stay agile to the new regulations and also open the door to new innovations that come out in cryptography in the next 10 years. So among the use cases that we're most excited about in the near term, cell-enabled devices in telecom and IoT, high security systems and payment and safety critical uses in defense, automotive, critical infrastructure, these markets I'm mentioning now represent a $400 billion annual market in the near future. But in addition to QCIM, which is the stand-alone chip product, we're also developing the technology as an IP block. So we can deliver this as an FPGA or as a soft IP and start getting these solutions integrated in more products in AI, data centers and high-performance networking. So the grand total of semiconductor sales is going to reach $1 trillion a year. The sheer amount of products that have to come with fresh security IP will be enormous. And we think that this is the best solution to stay compliant and flexible to all the new innovations that will come out. So Zach and I are very, very excited to be working on this project here at BTQ. We think the team here at BTQ Technologies is amazing. These guys have been forming relationships for a very long time in the quantum space, the same people who want these solutions. And we think that strategic partnerships with BTQ are going to shorten time needed to get this solution in true commercial deployments in the near term. So very excited, and I'll pass it back over to Chris.

Great. Thanks, Sean. So we've been making some great progress with our Quantum Secure stablecoin network, QSSN, with some notable deployments in Korea. And this establishes Korea as the regulatory proving ground for quantum-resilient digital asset infrastructure. Again, QSSN is a way for companies, stablecoin issuers, financial institutions to secure the mint, burn and transfer operations of any digital asset with stablecoins driving a bulk of that demand. We're seeing $8 trillion worth of stablecoins being transferred annually, set to grow, especially with the adoption of U.S.-denominated stablecoins in the form of USDT, a tether [indiscernible], tether-denominated stablecoin as long as some other countries and major corporations adopting the use of stable coins and digital ledger technologies such as JPMorgan Chase, who is serving as a -- they do trillions of dollars per day in trading infrastructure, and they are moving the majority of their infrastructure over to this technology. So we see a major opportunity for QSSN to be the underpinning technology behind all of these quantum secure transactions. Our Korean partners also represent the entire value chain when it comes to these deployments in Korea. We have QuiNSA, which is a NIS level Korean equivalent standards body, leading the de facto standardization of quantum technologies. We have Finger, which is a leading platform processing billions in mobile payments annually, and they're now piloting QSSN for secure settlement and cross-border remittances. We have Denal, who is one of Korea's largest payment processors, who's integrating our post-quantum cryptography into their telecom billing infrastructure to secure micro transactions. And as a nation, Korea has committed over $3 trillion to quantum technology by 2035 and has designated quantum security as a national priority. So this fits hand-in-hand with their agenda. And our deployments with these companies are being referenced as architectures and are being watched by regulators, central banks and payment networks worldwide. In the scenario where stablecoins reach a $1 trillion market cap, which represents less than 5% of the M1 money supply, with only 1/3 of the transactions flowing through QSSN by 2030, our QSSN network stands to generate over $1 billion in revenue. And this reflects a highly scalable business model with near 99% operating cost margins. With increasing digitization of feat dollars in both U.S. and non-U.S. denominated money supplies, we see a very strong case where QSSN becomes the backbone of any centralized or regulated digital currency network. And here, I'll pass it back to Oli.

Yes. Thanks, Chris. I think we've touched on all this. I'll let you -- I mean I'm going to kick things off. I'm happy -- I mean, it's kind of a childhood dream to be working at the University of Cambridge, where Sir, Isaac Newton invented and really changed the world. It also goes back to the essentially first few employees that ever worked on BTQ IP out of the University of Cambridge. So it's been a 13-year trajectory with the University of Cambridge, and it's arguably the #1 university in the world across a number of different fields, specifically quantum computing, photonics. And so we're providing grants and we'll be doing a lot of stuff in terms of collaboration around basically kind of providing commercialization frameworks for intellectual property coming out of the University of Cambridge to be formally monetized and receive the value that it deserves. And Chris, I'm not sure if you wanted to mention anything else on Cambridge, but yes, public market overview, I think we traded -- we started trading on the NASDAQ around a month ago. I think we're fairly unknown in terms of what we're doing. That's fine with us. We're happy to build and let the numbers speak for ourselves on the products that we have, but we do have several initiatives. We've been in talks with a number of, I would say, kind of institutional kind of U.S. capital market banks and things of that. Obviously cause for concern or something that people love to kind of bring up and speak without absolutely no knowledge of our company or our financial discipline is the fact that we have a shelf that's just customary for a company in a volatile market to have. We are in discussions with strategic partners who will be potentially large customers who potentially want to have the optionality to be buyers in large amounts of equity. So that enables us with flexibility as a public company. We've turned down hundreds of millions of dollars almost every trading day since being listed on the NASDAQ. We have no plans for an immediate capital raise and/or the need to. We have more than enough money in the bank to withstand a multiyear run rate. We are in Korea, Taiwan, Australia, France, Canada, soon to be a few other countries that all have multibillion-dollar non-dilutive grants and things of that nature that we're more than active with in terms of bringing down the cost of operations. And so I would just comment on that. And we -- out of any publicly listed company, we have the highest insider ownership by miles. And instead of selling shares, we buy shares. So that's my overview on our public market position.

And yes, I just want to highlight the inclusion on the KoAct quantum computing ETF managed by Samsung's Asset Management arm. So that's great to see ourselves being alongside pure-play quantum companies as well as more quantum adjacent companies like chip makers and whatnot. And that's something that we're working on to get included in more ETFs going forward.