Sequans unveils $200M share sale to fund Bitcoin treasury strategy

Sequans Communications plans to raise $200 million via an at-the-market equity offering program. The funds will be directed toward Bitcoin purchases under the company’s long-term treasury strategy.

The Paris-based semiconductor firm acknowledged that the program supports the first phase of Sequan’s efforts at establishing its treasury foundation. According to its latest filing to the SEC on August 25, the firm plans to issue American Depositary Shares at its discretion, each share representing ten ordinary shares.

Sequans plans to raise $384M for its BTC treasury strategy

Today, we announced a new “At The Market” equity program to support our long-term Bitcoin treasury strategy. $SQNS

🔗 Learn more: https://t.co/1zEPHOjNy1 pic.twitter.com/gcW62ZMCQQ

— Sequans (@Sequans) August 25, 2025

Sequans will determine the timing and volume of any share sales under the ATM program based on market conditions and other factors. The company’s CEO, Georges Karam, said the proceeds from the initiative will be used to accumulate Bitcoin in alignment with Sequans’ treasury strategy.

Sequans’ recent initiative follows its plans on July 8 to raise around $384 million for its Bitcoin accumulation strategy.

As previously reported by Cryptopolitan, the firm partnered with BTC treasury management provider, Swan Bitcoin, to issue and sell approximately $195 million in equity and $189 million in convertible debentures.

Karam said the company’s strategy reflects its strong conviction in Bitcoin as a premier asset and a compelling long-term investment.

“We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value of shareholders.”

–Georges Karam, CEO of Sequans.

Sequans filed with the SEC in July to raise roughly $189 million via secured convertible debentures and warrants. At the time of publication, on-chain data shows that the leading semiconductor firm has roughly 3,171 BTC in its holdings, worth around $350 million at current prices. 

Sequans is also one of the largest holders of BTC in Europe, with plans to amass 100,000 BTC by 2030. The company’s $200 million initiative could purchase another 1,814 BTC at the current market prices, bringing its total BTC in its reserves to around 5,000 BTC. The firm also wants to accelerate its treasury growth in 2026 through strategic equity issuance, deployment of Bitcoin-backed credit instruments, and potential monetization of intellectual property assets. 

Research and strategy lead at Unstoppable Wallet, Dan Dadybayo, argued that raising equity to buy Bitcoin dilutes a company’s existing shareholders. He also believes that it ties the company’s valuation more directly to BTC’s volatility, but he said these prospects largely depend on execution.

Dadybayo acknowledged that shareholders accepting dilution in exchange for long-term alignment with BTC’s growth makes equity-funded BTC purchases less like speculative punts and more like leveraged exposures. According to the researcher, small firms can incorporate structured financing, options strategies, or Bitcoin-backed deals to accumulate BTC effectively, making the model scalable if tailored.

Dadybayo also believes that the initiative comes with risks, such as whether the company can maintain operational discipline and avoid overextension during downturns. He argued that although Sequans can accumulate BTC at scale relative to its size, it lacks the financial edge to absorb prolonged drawdowns without shareholder pain.

BTC treasury companies continue accumulating Bitcoin

Inventor of Hashcash, Adam Back, argued that BTC treasury adoption by public companies has become the new altcoin season for digital asset speculators. He urged speculators to dump altcoins into Bitcoin or Bitcoin treasuries.

According to Back, firms are doubling down on BTC purchases to increase their Bitcoin per share. He believes that such methods tap into different funding methods, such as convertible note offerings, to accumulate more of the digital asset, making them attractive for investors.

On-chain data shows that there are a total of 232 companies holding BTC in their treasuries as of August 25, 2025. Those companies also hold a total of 3,646,777 Bitcoin worth around $402.5 billion. 

BTC treasury firms have surged recently, with the largest corporate Bitcoin holder, Strategy, adding another 3,081 BTC on Monday. Michael Saylor’s company now has a total of 632,457 BTC in its balance sheet, while Metaplanet added another 103 BTC in the beginning of the week.

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