Quantum Solutions sold 1,000 ETH on July 30 for about 311 million yen, close to $1.9 million, and told investors the cash goes into its AI data centre build. The same disclosure lifted the cumulative ceiling on ETH sales from 1,875 tokens to 4,375, with the window running to October 30.
Ten months ago the plan read differently. In September 2025 the Tokyo-listed firm announced financing of roughly $180 million from Susquehanna's CVI Investments, ARK Invest and Hong Kong's Integrated Asset Management, and said it would push past 100,000 ETH. It never got close.
The 100,000 target stopped at 6,668.8
Peak holdings came to 6,668.8 ETH before the selling started in June, under 7% of the announced goal. There is a mechanical reason for that. The September package was built from convertible bonds and warrants covering about 44 million shares, and warrants only become cash when somebody exercises them at a price worth exercising at.
The stock sits near $0.81. CoinGecko's treasury tracker puts the cost of the ether position at $21.3 million against a market value close to $10 million before the July sale. Raising money against a crypto balance sheet is not new in Tokyo, and Metaplanet has done it repeatedly at a far larger size.
Only 1,714.8 ETH sit outside the pledge
Quantum Solutions holds 4,764.8 ETH now. Of those, 3,050 are pledged as collateral to a Singapore-based lender, and the remaining 1,714.8 sit in a GPT Pals trading account. The new board ceiling clears another 2,471 for disposal. Subtract the pledge and the company has permission to sell roughly 756 more ETH than it can currently reach, so touching the cap would mean unwinding the loan first.
The accounting says something too. Management expects a disposal loss of only about 17 million yen on the July sale, near $110,000 across 1,000 tokens, because the book value had already been marked down well before anyone pressed sell.
Def Consulting took the Japanese crown, on one reading of it
The sale cost Quantum Solutions its spot as Japan's largest corporate ether holder. The Block counts Def Consulting at 4,976 ETH. CoinGecko's tracker shows 4,571 for the same company, an 8% spread between two public sources on a single balance sheet, which is the sort of gap that also shows up when two trackers measure the same layer-2 economy.
Scale matters more than the ranking. Thirty-two public companies hold 7,751,767 ETH between them, about 6.42% of supply, and BitMine accounts for 5,742,237 of that on its own. Quantum Solutions' entire remaining stack is worth roughly $8.8 million at the $1,846 ether price CoinGecko showed on August 1. The next hard number arrives with the Q2 report for the year ending February 2027, and the disposal window shuts on October 30.
