Sequans to Raise $200M for Bitcoin Treasury Expansion

Paris-based semiconductor company Sequans Communications S.A. is making headlines again with an ambitious plan to strengthen its Bitcoin holdings. The Internet of Things (IoT) chipmaker announced that it will raise up to $200 million through an at-the-market equity program, with the funds directed primarily toward purchasing more Bitcoin.

The company’s filing allows it to issue American Depositary Shares (ADSs), each representing ten ordinary shares, giving Sequans the flexibility to raise capital gradually depending on market conditions. Chief Executive Officer Georges Karam explained that the program will be used strategically to maximize long-term shareholder value while expanding the company’s Bitcoin treasury.

Sequans already holds over 3,000 Bitcoin, valued at hundreds of millions of dollars, making it one of Europe’s largest corporate Bitcoin holders. With the new program, the company expects to acquire nearly 2,000 additional BTC, potentially pushing its reserves close to the 5,000 mark. This would bring it into alignment with U.S.-based peers that have also aggressively increased their crypto exposure.

The move is part of a much broader vision. Sequans has set a long-term target of accumulating 100,000 Bitcoin by 2030, a bold goal that would solidify its status as one of the world’s largest corporate Bitcoin holders. To get there, the company has been steadily raising capital throughout 2025. Last month, it secured nearly $400 million in a separate funding round, much of which was allocated to its growing Bitcoin treasury.

The at-the-market equity program gives Sequans a tactical advantage: the ability to purchase Bitcoin in increments whenever market conditions appear favorable. With Bitcoin prices recently pulling back from record highs, the company has an opportunity to accumulate additional holdings at lower valuations. Executives have suggested that this flexibility is a core part of their strategy, allowing them to buy the dip and steadily increase their Bitcoin per share ratio.

The announcement comes at a time when more and more publicly traded companies are adopting similar strategies. The number of corporations with Bitcoin on their balance sheets has grown significantly in 2025, as firms look to hedge against inflation, diversify reserves, and capitalize on digital asset demand from investors. Industry leaders such as Strategy (formerly MicroStrategy) continue to acquire large amounts of Bitcoin, fueling competition among corporates to expand their holdings.

Still, Sequans’ aggressive approach is not without critics. Some analysts argue that raising equity to purchase Bitcoin adds speculative risk, particularly for a technology company whose core business is already capital-intensive. Detractors warn that this strategy could mirror past asset bubbles if market conditions turn against the company.

Nevertheless, Sequans’ leadership remains confident. According to Karam, Bitcoin represents a unique long-term store of value that can strengthen the company’s financial resilience while offering shareholders exposure to the digital asset market. For Sequans, the Bitcoin strategy is not a short-term trade but a cornerstone of its treasury philosophy for the next decade.

With the $200 million program in motion, Sequans is positioning itself not just as a semiconductor innovator, but also as a key player in the global corporate race to accumulate Bitcoin.