Sequans Communications, a French semiconductor manufacturer, is aiming to raise $200 million through an at-the-market equity offering to enhance its Bitcoin treasury objectives.
Summary
- Sequans plans to secure $200 million and utilize the funds to acquire additional Bitcoin.
- The company currently owns 3,171 Bitcoins.
- There are presently 174 publicly traded companies that have invested in Bitcoin.
Sequans has already submitted a Form F-3 registration statement to the U.S. Securities and Exchange Commission, seeking permission to sell American Depositary Shares as needed.
The funds raised would directly support the company’s Bitcoin purchases and other “corporate purposes primarily related to acquiring Bitcoin.”
Conversely, the at-the-market (ATM) structure allows the French chipmaker to strategically time its investments according to current market conditions, rather than relying on a lump-sum funding approach.
“We aim to deploy it wisely [..] to provide long-term value to our shareholders,” stated CEO Georges Karam in an accompanying declaration.
If sanctioned, Sequans could potentially add around 1,814 BTC to its treasury (assuming current market prices near $110,000), pushing its total treasury holdings close to 5,000 BTC, up from 3,171 BTC as of August 26, 2025.
This move would position Sequans competitively in relation to Semler Scientific, its direct competitor, which has adopted a similar treasury-focused strategy in recent quarters.
In spite of this recent development, Sequans’ shares closed down 6.8%, continuing a multi-week decline that began in mid-July.
However, the timing of this fundraising appears strategic, as Bitcoin has decreased from its record high of $124,517 achieved on August 14, creating what many in the industry consider a short accumulation window.
Bitcoin treasury firms, like Strategy led by Michael Saylor, typically capitalize on such dips to lower their average acquisition costs and fortify long-term positions.
In a similar vein, Hong Kong gaming company Boyaa Interactive revealed it had acquired 290 BTC between August 5 and August 25, elevating its total holdings to 3,670 Bitcoins, with an average purchase price of $62,878 per Bitcoin.
Bitcoin treasury race intensifies
Sequans initially revealed its plans for a treasury transformation in late June this year, and shortly thereafter, it completed a $384 million private placement backed by over 40 institutional investors. All proceeds were directed toward securing its initial Bitcoins for the treasury.
Like Sequans, many other publicly traded companies have begun investing in Bitcoin over the past few quarters. There were fewer than 100 public companies with Bitcoin holdings at the start of 2025. As of now, 174 public companies are Bitcoin holders, according to data from Bitcointreasuries.
