Sequans Communications, a French 4G and 5G semiconductor manufacturer, has announced a $200 million at-the-market equity program to expand its bitcoin reserves, with a long-term goal of reaching 100,000 BTC by 2030.
The Nasdaq-listed company disclosed in its SEC filing that American Depositary Shares will be issued depending on market conditions. Currently, Sequans holds 3,171 BTC worth about $349 million, positioning it as Europe’s second-largest corporate bitcoin holder, behind Germany’s Bitcoin Group SE.
With proceeds from the new equity raise, Sequans could acquire another 1,814 BTC, lifting its treasury close to 5,000 BTC, comparable to Semler Scientific.
CEO Georges Karam said the plan is designed to optimize the company’s treasury and increase bitcoin per share value for investors.
The announcement comes as bitcoin trades around $109,862, down 13.3% from its record $124,517 earlier this month. Other treasury-focused firms, including Strategy and Metaplanet, are also actively buying the dip.
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