Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
French semiconductor company Sequans Communications has filed for a $200 million at-the-market equity offering to significantly expand its Bitcoin treasury, with an ambitious long-term goal of accumulating 100,000 Bitcoin by 2030. The Paris-based 4G and 5G chipmaker announced the offering on Monday, intending to use the proceeds primarily to boost its cryptocurrency holdings, joining a growing number of public companies adopting Bitcoin as a core treasury asset.
Sequans’ Bitcoin Strategy
The at-the-market equity program will allow Sequans to issue American Depositary Shares (ADS) at its discretion. Georges Karam, CEO of Sequans, stated that the company intends to use the offering “judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders.”
Sequans first unveiled its plan to integrate Bitcoin into its treasury strategy on June 23. The company views Bitcoin as a hedge against inflation and a reliable store of value, aligning with a broader trend among publicly traded corporations.
Current Holdings and Market Context
According to BitBo’s Bitcoin treasury data, Sequans currently holds 3,171 Bitcoin, valued at approximately $349 million. This makes it Europe’s second-largest corporate Bitcoin treasury, trailing only Germany’s Bitcoin Group SE, which possesses 12,387 BTC.
The $200 million offering is expected to add roughly 1,814 Bitcoin to Sequans’ balance sheet at current market prices, bringing its total holdings to nearly 5,000 BTC. The offering coincides with a Bitcoin price pullback, with the cryptocurrency trading around $110,045, down 11.6% from its all-time high of $124,517 set on August 14.
Broader Corporate Adoption Trend
The number of public companies holding Bitcoin has seen a significant increase, rising to 174 from fewer than 100 at the beginning of 2025. This trend underscores a growing corporate acceptance of Bitcoin as a legitimate treasury asset.
Sequans’ stock closed Monday trading at $0.96, experiencing a 6.8% decline during the day. However, it saw a slight rebound, rising 0.41% in after-hours trading.
Sequans Communications’ move to raise $200 million for Bitcoin accumulation highlights a bold commitment to its digital asset treasury strategy. The company’s ambitious target of 100,000 Bitcoin by 2030 positions it as a significant player in the corporate adoption of cryptocurrency, signaling a continued shift in how traditional companies manage their balance sheets.
