The French semiconductor firm Sequans Communications has initiated a $200 million at-the-market equity offering to support its Bitcoin treasury strategy, with an ambitious goal of acquiring 100,000 Bitcoin by 2030.
This initiative enables the 4G and 5G chip manufacturer to issue American Depositary Shares—equity shares of a foreign company, denominated in US dollars, that are exchanged on US stock markets—at its own discretion, as it stated in a filing with the Securities and Exchange Commission on Monday.
“We aim to use this opportunity wisely to enhance our treasury, boost Bitcoin per share, and provide long-term value to our shareholders,” Sequans CEO Georges Karam remarked in a statement.
According to BitBo’s Bitcoin treasury data, the Paris-based firm currently holds 3,171 Bitcoin (BTC), valued at $349 million, making it Europe’s second-largest corporate Bitcoin treasury, following Germany’s Bitcoin Group SE, which possesses 12,387 BTC.
Sequans first announced its intention to use Bitcoin as a central treasury asset on June 23, joining a rising trend of publicly traded firms incorporating the cryptocurrency as a hedge against inflation and a store of value. The company has previously indicated its aspiration to amass 100,000 Bitcoin by 2030.
The number of public companies holding Bitcoin has surged to 174, an increase from fewer than 100 at the beginning of 2025.
Sequans could acquire 5,000 Bitcoin from the proceeds
The semiconductor firm disclosed that the timing and volume of any equity sales under the program will be at its discretion based on market conditions and other influencing factors.
Net proceeds from this offering are expected to be “primarily allocated towards further accumulating Bitcoin in alignment with the Company’s treasury strategy,” Sequans stated.
At current market valuations, $200 million could enable Sequans to purchase approximately 1,814 BTC, increasing its total Bitcoin holdings to nearly 5,000 BTC—about the same quantity as Semler Scientific.
Sequans closed Monday trading at $0.96, representing a 6.8% decrease over the trading day. Since then, it has increased by 0.41% in after-hours trading.
Bitcoin treasury companies are capitalizing on the dip
The $200 million equity offering is occurring during a Bitcoin retracement to $110,045, which is 11.6% down from its all-time peak of $124,517 reached on August 14.
The largest corporate Bitcoin holder, Strategy, acquired an additional 3,081 Bitcoin on Monday, raising its total to 632,457 BTC, while Metaplanet purchased 103 BTC to kick off the week.
ETH treasury companies are gaining attention
Corporate Bitcoin adoption has slowed recently due to the emergence of Ether (ETH) treasury companies. BitMine Immersion Technologies, initially a Bitcoin mining company, has transitioned into an ETH treasury company and now holds the second-largest crypto treasury, valued at $7.5 billion in ETH.
Related: Strategy purchases $357M in Bitcoin as price drops to $112K
SharpLink and The Ether Machine complete the top three ETH treasury company standings with holdings of $3.24 billion and $1.51 billion, respectively, according to StrategicETHReserve.xyz.
This rise in ETH treasury adoption has contributed to a 198% price surge for ETH since April 9, as it catches up to Bitcoin in the ongoing bull market.
Magazine: Bitcoin’s long-term security budget challenge: Impending crisis or FUD?
