Delphx's Quantem being considered by U.S. dealer

Executive Summary

• Delphx Capital Markets Inc. provided a shareholder update on its Quantem Crypto Securities (QCS) hedging program, highlighting market engagement and potential commercialization steps.
• The company confirmed that a U.S. primary dealer is evaluating a proof-of-concept collaboration to deploy QCS within existing digital-asset infrastructure, while multiple digital-asset treasuries are conducting due diligence and scenario testing.
• The update contextualizes the product's value proposition against recent Bitcoin volatility, noting BTC's movement from above $115,000 to below $90,000 since mid-September 2025.

Key Details

• Market Context: Bitcoin (BTC) trading levels dropped from above $115,000 (U.S.) to below $90,000 (U.S.) between mid-September 2025 and November 17, 2025.
• Commercial Interest: A U.S. primary dealer is currently evaluating a possible proof-of-concept collaboration for QCS deployment.
• Due Diligence: Multiple digital-asset treasuries are actively conducting due diligence and scenario testing on the QCS hedge program.
• Product Structure: QCS is described as a fully collateralized, transparent, and structured mechanism for mitigating volatility and protecting treasury assets.
• Risk Disclaimer: The company noted there can be no assurance that the proposed implementation or collaborations will occur.

Notable Quotes

• "Delphx is also pleased to confirm that a U.S. primary dealer is evaluating a possible proof-of-concept collaboration aimed at deploying QCS within the dealer's existing digital-asset infrastructure."
• "Implementation would represent a major step toward full commercialization of the QCS platform."