A semiconductor company has decided that silicon chips aren’t the only valuable assets worth stockpiling. Sequans Communications filed paperwork on Monday to raise $200 million through stock sales, all destined for one purpose: buying Bitcoin.
The Paris-based maker of 4G and 5G chips wants to accumulate 100,000 Bitcoin by 2030, a bold treasury strategy that would require purchasing roughly $11 billion worth of cryptocurrency at current prices. The company currently holds 3,171 Bitcoin valued at $349 million, making it Europe’s second-largest corporate Bitcoin holder behind Germany’s Bitcoin Group SE.
“We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders,”
– Georges Karam, the company’s CEO, stated in the Securities and Exchange Commission filing.
Sequans launched its Bitcoin strategy in June 2024, joining 174 publicly traded companies now holding the cryptocurrency as a treasury asset. That number has nearly doubled since early 2025, reflecting growing corporate confidence in digital assets as a hedge for inflation.
The $200 million equity offering allows Sequans to issue American Depositary Shares at its discretion based on market conditions. At current Bitcoin prices around $110,000, the full proceeds could purchase approximately 1,814 additional Bitcoin, bringing the company’s total holdings to nearly 5,000 coins.
The timing coincides with Bitcoin’s recent pullback from its August 14 all-time high of $124,517. The cryptocurrency trades at $110,045, down 11.6% from that peak, creating what some corporate treasurers view as a buying opportunity.
Sequans has just joined the Bitcoin bandwagon
Major Bitcoin corporate holders continue accumulating during the dip. MicroStrategy, the largest corporate Bitcoin holder with 632,457 coins, purchased more Bitcoins very recently. Japanese investment firm Metaplanet also added 103 Bitcoin to start the week.
Sequans stock closed Monday at $0.96, down 6.8% for the trading session, though shares recovered 0.41% in after-hours trading following the Bitcoin announcement.
The semiconductor industry has struggled with cyclical demand and supply chain disruptions, making Sequans’’ Bitcoin strategy particularly noteworthy. The company appears to view cryptocurrency as a hedge against traditional business volatility while positioning for potential digital asset appreciation.
Corporate Bitcoin adoption gained momentum after MicroStrategy pioneered the strategy in 2020, arguing that Bitcoin serves as superior treasury reserves compared to cash. Tesla, Block, and other technology companies followed suit, though some later reduced their holdings.
Sequans’ aggressive 100,000 Bitcoin target would rank among the largest corporate cryptocurrency positions globally if achieved. The strategy represents a significant bet that Bitcoin will outperform traditional treasury investments over the next six years.
The move signals growing acceptance of cryptocurrency in corporate finance, particularly among technology companies comfortable with digital innovation. However, Bitcoin’s volatility means Sequans’ balance sheet will fluctuate with cryptocurrency markets, creating potential accounting and investor relations challenges.
For Sequans shareholders, the Bitcoin strategy offers exposure to cryptocurrency gains without directly purchasing digital assets. The approach could attract crypto-focused investors while potentially alienating traditional semiconductor industry stakeholders preferring conventional treasury management.
