Sequans Communications, a French semiconductor firm, has announced a $200 million at-the-market equity offering aimed at supporting its Bitcoin treasury strategy, with a goal of accumulating 100,000 Bitcoin by 2030.
This initiative will enable the 4G and 5G chip manufacturer to issue American Depositary Shares—equity shares of a foreign company traded in US dollars—at its discretion, as detailed in a filing to the Securities and Exchange Commission.
“We plan to use it wisely to enhance our treasury, increase Bitcoin per share, and provide long-term value to our shareholders,” said Sequans CEO Georges Karam in a statement.
Source: Sequans
According to BitBo’s Bitcoin treasury data, the Paris-based company currently has 3,171 Bitcoin (BTC) valued at $349 million, making it the second-largest corporate Bitcoin treasury in Europe, following Germany’s Bitcoin Group SE with 12,387 BTC.
Sequans first announced its intent to integrate Bitcoin as a core treasury asset on June 23, joining a growing trend of publicly traded firms adopting the cryptocurrency as a hedge against inflation and a store of value. The company has previously indicated it is working towards acquiring 100,000 Bitcoin by 2030.
The total of public companies holding Bitcoin has increased to 174, compared to fewer than 100 at the beginning of 2025.
Sequans could notch 5,000 Bitcoin with the proceeds
The timing and size of any share sales under the equity program are at the company’s discretion, influenced by market conditions and other factors.
Sequans stated that net proceeds from the offering are primarily intended to continue accumulating Bitcoin in line with the company’s treasury strategy.
At current market values, $200 million could enable Sequans to acquire an additional 1,814 BTC, raising its total Bitcoin holdings to almost 5,000 BTC—approximately equivalent to the holdings of Semler Scientific.
Sequans closed trading on Monday at $0.96, down 6.8% for the day, though it has since seen a 0.41% increase in after-hours trading.
Bitcoin treasury companies are buying the dip
The $200 million equity offering is taking place amid a Bitcoin decline to $110,045, 11.6% below the all-time high of $124,517 reached on August 14.
The largest corporate Bitcoin holder, Strategy, acquired another 3,081 Bitcoin on Monday, bringing its total to 632,457 BTC, while Metaplanet added 103 BTC to its holdings to start the week.
ETH treasury companies steal the spotlight
Corporate adoption of Bitcoin has slowed recently as Ether (ETH) treasury companies gain prominence; BitMine Immersion Technologies has transitioned from Bitcoin mining to becoming an ETH treasury company, now holding the second-largest crypto treasury with $7.5 billion in ETH.
Related: Strategy purchases $357M in Bitcoin as price drops to $112K
SharpLink and The Ether Machine follow as the top three ETH treasury company holdings, boasting $3.24 billion and $1.51 billion in assets, respectively, according to StrategicETHReserve.xyz.
ETH treasury adoption has contributed to a 198% price increase since April 9, helping to bridge the gap with Bitcoin from earlier in the current bull market.
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