For Japanese investors, this represents another significant commitment by leading US capital, following Warren Buffett’s investment in Japan’s five major trading companies. For international investors, it signals that Tokyo’s stock market is an increasingly attractive destination for global capital, welcoming new opportunities for “smart money”.

Dream Team of Global Capital Aligns for Quantum, International Demand for Japanese Equities Continues to Grow

Quantum’s investor line-up is a market stunner in the emerging field of crypto-linked equities. Susquehanna International Group (SIG), investing via CVI Investments, holds the capital firepower to accelerate Quantum’s ETH accumulation and expand its balance sheet for upcoming fundraising rounds. With a portfolio that includes early investments in ByteDance and Strategy Inc. (NASDAQ: MSTR), SIG is a Tokyo Stock Exchange participant, offering the robust capital infrastructure that analysts consider essential for a successful Digital Asset Treasury (DAT).

Cathie Wood affirms her position as the world’s leading investor in crypto-linked equities with ARK Invest’s first direct foray into APAC-listed opportunities. In the US market, ARK has a track record for identifying category leaders such as ETH Treasury Bitmine Immersion Technologies (NYSE: BMNR) and cryptocurrency exchange Coinbase (NASDAQ: COIN). By adding Quantum, Wood extends her expertise to the Tokyo market, bringing visibility to Quantum in front of the global investing audience as the region’s most promising ETH Treasury initiative.

The third participant is Hong Kong-based Integrated Asset Management (IAM), led by Mr. TC Yam. As the majority shareholder of Forbes Media, IAM’s cross-sector presence in international finance and media resources bolsters Quantum’s capital depth and reputational standing. Like ARK, IAM makes its first public investment in the Tokyo stock market, signaling growing confidence among global institutional investors in Japan's equity market.

The fundraise utilizes convertible bonds and both floating and fixed strike price warrants for a total issuance of approximately 44 million shares, nearly doubling the company’s existing share capital. None of the instruments are priced at a discount, a rarity for DAT fundraises, suggesting that the incoming investors are targeting long-term growth prospects. As of market closing on September 26, the nominal value of the financing round comes to over JPY 26 billion (approx. USD 180 million), with the first tranche valued at JPY 22.1 billion (approx. USD 150 million).

First ETH Treasury in Japan — A Differentiated Strategy Offering Long-Term Returns on Equity

According to research reports by leading investment banks, the key determinants of success for listed Digital Asset strategies are robust access to capital and a team with operational blockchain expertise. Through this fundraising initiative, Quantum taps into fresh sources of capital and aligns with investors of strong reputation, prompting market expectations of long-term backing.

Quantum CEO Francis B. Zhou is no newcomer to the Digital Asset industry, as one of the first institutional investors and operators in the blockchain space. In 2018, Zhou acquired the world’s second largest ETH mining facility, based in Jokkmokk, Sweden. Zhou maintains investments in early stage blockchain projects alongside film and IP holdings in his venture investment portfolio, and brings a network of experienced blockchain operators, including Head of Crypto Strategy Donny Chi.

Proceeds from Quantum’s financing initiative will be used to accumulate ETH. Although BTC has demonstrated adoption as a store-of-value, ETH is the foundational asset for blockchain applications, enabling companies like Quantum to explore attractive yield-generating opportunities to drive a blend of organic and inorganic growth for the company’s core treasury and balance sheet.

The appeal of yield-bearing strategies is supported by data from the US market, which indicates that listed ETH Treasuries trade at a price-to-book multiple of 7.72x, more than 3 times higher than that of listed BTC Treasuries. More remarkably, the price-to-book of ETH Treasuries is trending upwards, increasing by over 20% within the trading month of September, demonstrating that the market expectations continue to strengthen for listed ETH Treasuries as it relates to long-term returns on equity.

Zhou and the Quantum Solutions team have a history of exploring growth frontiers, consequently developing industry traction in AI computing, GPU hosting, and IP gaming. This positions the company to pursue unique opportunities beyond overcrowded sectors in Real World Asset (RWA) space to potentially generate more attractive returns.

With the fundraise, Quantum’s notional price-to-book multiple is estimated to be less than 30% of the market median. Assuming that the company can reach its fair value, the structure of the fundraise allows the company to rapidly accelerate its capital accumulation to reach the target of 100,000 ETH within the near term, positioning Quantum among the leading ETH Treasury companies globally.

Growth Driven Policies in Japan Encourage Prospects for Long-Term Shareholder Value

Consistent government support for the blockchain industry and increasing clarity in regulations are ushering in a more investor-friendly market for Digital Assets in Japan. Whereas the US market already has ETH Treasury companies such as Bitmine (NASDAQ: BMNR) and SharpLink Gaming (NASDAQ: SBET) achieving significant market cap growth as capital market highlights, Japan lacks a similar listed benchmark. Quantum Solutions’ entry fills this gap, opening a new chapter as "Japan’s first”, and creating conditions for capital inflow and renewed market participation.

This financing round, nominally valued at approximately USD 180 million, is a landmark in both the Japanese stock market as well as the crypto-linked equities space. Through the combined endorsement of SIG, ARK, and IAM, Quantum not only secures funding but also international validation under a capital structure optimized to maximize long-term shareholder value. High-profile deals of this caliber further Tokyo as an emerging destination for savvy investors.