French semiconductor company Sequans Communications filed for a $200 million market equity offering on Monday to support its Bitcoin treasury strategy, with a long-term goal of accumulating 100,000 Bitcoins by 2030.
The plan will allow the 4G and 5G chip manufacturer to independently issue American Depositary Shares—dollar-denominated shares of foreign companies traded on U.S. exchanges, as stated in the documents submitted to the U.S. Securities and Exchange Commission (SEC) on Monday.
Sequans CEO Georges Karam said in a statement, "We intend to use this funding wisely to optimize our treasury, increase our Bitcoin holdings per share, and create long-term value for our shareholders."
According to BitBo's Bitcoin treasury data, the Paris-based company currently holds 3,171 Bitcoins (BTC) on its balance sheet, valued at $349 million, making it the second-largest corporate Bitcoin treasury in Europe, behind Germany's Bitcoin Group SE, which holds 12,387 BTC.
Sequans first announced its plan to use Bitcoin as a core treasury asset on June 23, joining a growing number of publicly traded companies adopting cryptocurrency as a hedge against inflation and a store of value. The company previously stated it is working towards accumulating 100,000 Bitcoins by 2030.
The number of publicly traded companies holding Bitcoin has risen to 174, up from fewer than 100 at the beginning of 2025.
The semiconductor company stated that the timing and amount of any stock sales under the equity plan will be determined at the company's discretion, depending on market conditions and other factors.
Sequans indicated that the net proceeds from the offering are expected to "primarily be used to continue accumulating Bitcoin, in line with the company's treasury strategy."
At current market prices, $200 million could allow Sequans to purchase an additional 1,814 BTC, bringing its total Bitcoin holdings close to 5,000 BTC—roughly equivalent to the current holdings of Semler Scientific.
Sequans closed at $0.96 on Monday, down 6.8% for the day. It subsequently rose 0.41% in after-hours trading.
This $200 million equity offering comes as Bitcoin retraces to $111,045, down 11.6% from its all-time high of $124,517 set on August 14.
The largest corporate Bitcoin holder, Strategy, purchased an additional 3,081 Bitcoins on Monday, bringing its total holdings to 632,457 BTC, while Metaplanet bought 103 BTC earlier this week.
Due to the rise of Ethereum (ETH) treasury companies, corporate Bitcoin adoption has recently slowed. BitMine Immersion Technologies—originally a Bitcoin mining company, now transitioned to an ETH treasury company—currently holds the second-largest crypto treasury, with $7.5 billion in ETH.
According to data from StrategicETHReserve.xyz, SharpLink and The Ether Machine rank as the top three ETH treasury companies, with holdings of $3.24 billion and $1.51 billion, respectively.
The adoption of ETH treasuries has driven a 198% price increase in ETH since April 9, recovering losses against Bitcoin in the early stages of the current bull market.
Related: Will the Bitcoin bull market end at $111,000? Five key BTC points to watch this week.
Original article: “Semiconductor Company Sequans Raises $200 Million to Buy Bitcoin (BTC)”
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