Initiating coverage
Institutional backing validates Japan's first Ethereum-focused DAT – Quantum Solutions has secured US$150mn in committed capital from Susquehanna International Group and ARK Invest, making it the only Tokyo-listed DAT backed by these institutional investors. The strategic pivot to Ethereum positions the Company to capitalize on the growing adoption of DeFi and Real World Asset tokenization among institutions. Targeting 10% blended yields through its treasury management strategy, the Company is positioned to compound its treasury regardless of capital market sentiments. While early stage with 6,669 ETH accumulated since launching in July 2025, the Company’s institutional infrastructure provides a solid foundation to further scale the treasury.
Digital Asset Treasury transformation complete
Early runway secured – The Company’s landmark October 2025 fundraise provides US$14.5mn in immediate liquidity via convertible debt alongside US$135mn in committed follow-on capital through a Stock-Acquisition-Rights structure. SIG has already exercised 22% of outstanding moving strike SARs, raising ¥1.8bn and demonstrating active participation. The convertible note’s zero-coupon structure allows Quantum to allocate all capital toward ETH acquisition rather than debt service.
Strategic partnerships provide proprietary opportunities – Quantum has established partnerships with HashKey Cloud, DigiFT, Wemade, and Permian Labs to create institutional staking and RWA deployment infrastructure. While these relationships remain early stage with limited current revenue, they provide proprietary access to DeFi opportunities differentiating Quantum from competitors.
ESG – We score the company as ‘Red’ under our Astris-Sustainability model scorecard.
Valuations – The shares are trading on an estimated FY2/27 PER of 50.4x.
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