French chipmaker Sequans Communications has unveiled plans to raise up to $200 million through an at-the-market equity program, with proceeds set to expand its growing Bitcoin treasury.
Key Takeaways:
Sequans plans to raise up to $200M via ADS sales to expand its Bitcoin treasury. The firm currently holds 3,171 BTC and aims to reach 100,000 BTC by 2030. The move comes as corporate Bitcoin adoption grows, with 174 public firms now holding BTC.The company, listed on the New York Stock Exchange under the ticker SQNS, said Monday that the initiative is part of its long-term goal to accumulate 100,000 BTC by 2030.
Sequans to Sell American Depositary Shares for Bitcoin Purchase
The Paris-based semiconductor firm, best known for its 4G and 5G chips, will sell American Depositary Shares at its discretion, depending on market conditions.
“We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders,” CEO Georges Karam said in the SEC filing.
Sequans disclosed its Bitcoin strategy in June, joining a wave of public companies that have adopted BTC as a treasury reserve asset.
According to BitBo data, the company currently holds 3,171 BTC, worth around $349 million, making it Europe’s second-largest corporate Bitcoin holder after Germany’s Bitcoin Group SE, which owns 12,387 BTC.
At current prices, the new raise could buy roughly 1,814 BTC, boosting Sequans’ holdings close to 5,000 BTC, on par with Semler Scientific.
The announcement comes as corporate Bitcoin adoption continues to expand globally. The number of public firms with BTC on their balance sheets has climbed to 174 this year, up from fewer than 100 in early 2025.
Strategy remains the largest holder with 632,457 BTC, while Japan’s Metaplanet and others have added smaller amounts in recent months.
Sequans’ move arrives against a volatile market backdrop. Bitcoin is trading at $110,045, down more than 11% from its mid-August all-time high of $124,517.
Shares of Sequans closed Monday at $0.96, down 6.8% during the day before edging slightly higher in after-hours trading.
Meanwhile, rival treasury strategies are gaining traction in Ether. Firms such as BitMine Immersion Technologies, SharpLink, and The Ether Machine collectively hold billions in ETH, contributing to the token’s 198% surge since April.
Galaxy, Jump, and Multicoin Plan $1B Solana Treasury Bet
As reported, Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise around $1 billion to build the largest Solana treasury to date.
Bloomberg reported that Cantor Fitzgerald has been tapped as the lead banker, with the Solana Foundation backing the deal, which could close in early September.
The plan involves taking over a publicly traded company and converting it into a digital asset treasury vehicle dedicated to Solana.
Likewise, Pantera Capital is preparing to raise as much as $1.25 billion to transform a Nasdaq-listed company into “Solana Co.,” a public vehicle built to accumulate Solana (SOL) as a treasury asset
The plan reportedly involves an initial $500 million raise, followed by $750 million through warrants.
If completed, it would mark one of the largest dedicated efforts to create a public Solana treasury vehicle.
The move follows Pantera’s disclosure earlier this month that it has already deployed about $300 million into digital asset treasury (DAT) firms.
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