Swiss tech company spikes after touting its ability to protect bitcoin from quantum computers

SEALSQ Corp. — a Swiss tech company listed on the Nasdaq worth less than $250 million heading into this week — was one of the most actively traded US stocks in the premarket and soared as much as 40% in early trading on Monday.

The company “today announced that it is at the forefront of developing innovative solutions to address the challenges posed by quantum computing,” according to a press release. “Through its QUASARS project, SEALSQ is advancing the field of Post-Quantum Cryptography (PQC) by creating hybrid solutions and quantum-resistant hardware designed to secure critical systems such as the Internet of Things (IoT) and blockchain networks.”

Alphabet’s recent breakthrough with its Willow chip has catalyzed a huge bid for quantum-computing stocks, and at times undermined what’s been a massive postelection rally in cryptocurrencies.

SEALSQ, which went public in 2023 via a spin-off, generated a little over $30 million in revenues in 2023 and posted less than $5 million in sales for the first half of 2024.

Its press release goes on to unpack some vulnerabilities faced by bitcoin and how these could be addressed “with its cutting-edge technology and dedication to cybersecurity,” without much in the way of specifics.

This isn’t a “Long Island Iced Tea Corp turned Long Blockchain” situation, though: the company has been touting its post-quantum algorithms since before this subsidiary was even available to be publicly traded as a standalone entity.

Crypto proponents like Ethereum developer Vitalik Buterin have suggested that the threat to the industry from quantum computing might not be that dire, since their systems will be able to be upgraded as quantum-computing capabilities proliferate.