Six reserves join the index, and the wrapped bitcoin picture is not good

The Quantum Solvency Index started two weeks ago with three reserves and 801,268 BTC. Today it scores nine reserves and 1,206,359 BTC. Every new row follows the same rule as the first three: the address set comes from the holder's own publication, the balances are read from the chain, the classification follows the open standard, and the snapshot is signed and stamped into Bitcoin so anyone can check it later.

The new rows

• Twenty One Capital, 43,513 BTC, 99.8% quantum solvent. The company publishes its treasury addresses on a public mempool.space dashboard and committed to doing so in a filing. Almost all of it sits in never-spent addresses.
• Metaplanet, 42,982 BTC, 18.2% solvent. Same kind of dashboard, different result: most of the treasury has been spent from at least once, which reveals the public key.
• Bitwise Bitcoin ETF (BITB), 38,306 BTC, 23.5% solvent. The only spot bitcoin ETF anywhere that publishes its addresses, which is why it is the only one we can score. The 65 addresses are listed on the fund's own site with balances that reconcile to its daily figure.
• cbBTC, 95,740 BTC, 61.9% solvent. The bitcoin Coinbase holds to back its wrapped token, listed on Coinbase's proof-of-reserves page.
• WBTC, 116,350 BTC, 1.8% solvent. The bitcoin behind Wrapped Bitcoin, published by the custodians through a proof-of-reserve API. Nearly all of it is in addresses that have been spent from.
• Binance-Peg BTC (BTCB), 68,200 BTC, 0% solvent. The collateral for BTCB on BNB Chain is a single reused address. Binance publishes it on its proof-of-collateral page and states it is separate from the exchange's proof of reserves, so it is scored separately here too.

What the custody numbers mean, and what they do not

A reserve scores low when its bitcoin sits behind public keys that are already visible on-chain. On Bitcoin that happens the first time an address is spent from, and a custodian that moves coins through a small number of large, long-lived addresses reveals those keys as a matter of routine. That is what the WBTC and BTCB rows show: the operational pattern of a bridge, not a failure of custody.

Nothing on this page says those coins can be taken today. No machine exists that can recover a private key from a public one. The index measures what would be reachable on the day one does, and the standard says so in plain terms. What the numbers do say is that a custodian holding billions of dollars behind a handful of revealed keys has no way to fix that quickly if the timeline moves, whereas a holder in never-spent addresses has already done the only thing that helps.

Why the sample looks the way it does

We can only score what is published. The survey behind this expansion checked 129 institutions and found 18 that publish their addresses. None of the other spot ETFs do. No government except El Salvador does. Most of the largest corporate treasuries do not. The wrapped-bitcoin custodians, on the other hand, publish nearly everything, which is why they dominate the new rows, and why their scores are the ones the market has never seen before.

If you hold or custody a reserve and publish its addresses, it can be on this index within a day. If you do not publish them, the registry and a private attestation are the ways to get the number without disclosing the set. Write to hello@latticescan.com either way.