Sequans Files to Raise $200 Million for Bitcoin Treasury, Targeting 100,000 BTC by 2030

Paris, France – Semiconductor company Sequans Communications S.A. has filed to raise up to $200 million through an "at-the-market" (ATM) equity program, with the primary intention of expanding its Bitcoin treasury. This move is part of the company's ambitious long-term strategy to accumulate 100,000 Bitcoin by 2030.

The NYSE-listed firm, trading under the ticker SQNS, announced the establishment of the ATM program on August 25, allowing it to sell American Depositary Shares (ADSs) at its discretion based on market conditions. Each ADS represents ten ordinary shares.

Sequans CEO Dr. Georges Karam stated, > "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. We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders."

The company, a leading provider of 4G/5G cellular IoT semiconductors, initiated its Bitcoin treasury strategy in June. Sequans currently holds 3,171 BTC, valued at approximately $349 million, making it Europe's second-largest corporate Bitcoin holder.

This strategic shift positions Sequans alongside other public companies, such as MicroStrategy, that have adopted Bitcoin as a primary treasury reserve asset. The company's approach involves acquiring and holding Bitcoin using proceeds from equity and debt issuances, operational cash flow, and intellectual property monetization.

While the ATM program offers flexibility in capital raising, industry analysts note the potential for shareholder dilution and increased exposure to Bitcoin's price volatility. Bitcoin recently traded at approximately $110,045, down over 11% from its mid-August all-time high of $124,517.

Sequans' decision underscores a growing trend of corporate Bitcoin adoption, with 174 public firms now holding BTC on their balance sheets, up from fewer than 100 in early 2025. The company's long-term vision aims to build financial resilience and leverage Bitcoin as a strategic asset.