- Sequans plans to launch an “at-the-market” (ATM) equity offering, allowing the company to raise up to $200 million.
- Sequans aims to accumulate 100,000 BTC by 2030 as part of a strategic diversification of its treasury.
- Michael Saylor led Strategy, bought 3,081 BTC worth $356.9 million, taking its total Bitcoin holdings to 632,457 BTC worth roughly $46.5 billion.
Paris-based semiconductor company Sequans Communications S.A. filed a prospectus with the U.S. Securities and Exchange Commission, establishing an at-the-market (ATM) equity offering program of up to $200 million. The filing allows Sequans to issue American Depositary Shares (ADS), each representing ten ordinary shares. The company can choose to do so at its discretion, depending on market conditions.
Sequans intends to use the proceeds primarily to acquire more Bitcoin and add to its existing Treasury. “As part of our previously announced Bitcoin treasury strategy, this program is being implemented as a tool to support the first phase of establishing our treasury foundation,” said Dr. Georges Karam, CEO of Sequans. “We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders,” he noted in the press release.
Leading Europe’s Bitcoin Treasuries
Sequans currently holds around 3,171 BTC, making it Europe’s second-largest corporate Bitcoin holder, trailing only Germany’s Bitcoin Group SE. The $200 million raise could add approximately 1,814 BTC, potentially elevating total holdings to nearly 5,000 BTC.
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Established in Paris, Sequans is a fabless semiconductor firm specializing in 4G/5G cellular technologies for IoT applications, and operates globally. It has been at the forefront of integrating Bitcoin as its primary treasury reserve strategy, and began to do so in early 2025, by raising $384 million in strategic capital. They raised funds in a mix of private equity placement and convertible debentures and have now taken the ATM route.
Sequans follows growing corporate trends of integrating Bitcoin into treasury management. As of early 2025, 174 public companies hold Bitcoin. Firms from across sectors are taking this measure as a hedge against inflation or for liquidity diversification.
Strategy adds more BTC
Strategy, led by Michael Saylor and known as the largest public Bitcoin holder, has bought 3,081 BTC worth $356.9 million in the week ending August 24. Bitcoin’s price at the time of buying had dipped to $112,000. With this acquisition, Strategy’s total Bitcoin holdings climbed to 632,457 BTC, accumulated at an overall cost of roughly $46.5 billion, averaging $73,527 per coin.
So far in August, Strategy has acquired 3,666 BTC, which is much less compared to 31,466 BTC in July and 17,075 BTC in June. Strategy tracks something called BTC yield, showing how much Bitcoin they hold relative to diluted shares. Year-to-date, that yield reached 25.4%, prompting them to raise their target to 30% by year-end. Additionally, they bumped their Bitcoin gains goal from $15 billion to $20 billion.
