French semiconductor company Sequans Communications is preparing to raise $200 million through an at-the-market (ATM) equity offering, with the proceeds earmarked for one clear purpose: buying more Bitcoin.
Sequans’ Bitcoin Play
The company already holds 3,171 BTC as of August 26, 2025, and the new funding could add another 1,814 BTC to its treasury at current market prices (around $110,000 per BTC). That would push its total stash close to 5,000 BTC, putting it in direct competition with Semler Scientific, another publicly traded firm taking a treasury-first approach.
Unlike a traditional lump-sum raise, the ATM structure gives Sequans flexibility to sell American Depositary Shares at its discretion and time Bitcoin purchases with market conditions. CEO Georges Karam emphasized the cautious approach, saying the funds would be used “judiciously to deliver long-term value to shareholders.”
Bitcoin Treasury Momentum
If approved by the U.S. Securities and Exchange Commission (SEC), Sequans will join the growing list of companies aggressively building Bitcoin reserves. As of today, 174 publicly traded firms hold Bitcoin, up from fewer than 100 at the start of 2025, according to Bitcointreasuries.net.
The announcement comes just as Bitcoin has pulled back from its all-time high of $124,517 set on August 14. With prices dipping near $110K, treasury-focused firms often view this as a prime accumulation window to strengthen their long-term positions.
Other companies have followed a similar playbook. Boyaa Interactive, a Hong Kong gaming firm, recently disclosed it had bought 290 BTC between August 5 and 25, bringing its total holdings to 3,670 BTC at an average purchase price of $62,878.
Market Reaction and Next Steps
Despite the announcement, Sequans’ stock slid 6.8% on the day, extending a downtrend that began in mid-July. Still, the company has been clear about its strategy since June, when it unveiled its Bitcoin treasury overhaul. Shortly after, it raised $384 million in a private placement backed by over 40 institutional investors, using the entire sum to acquire its initial Bitcoin holdings.
The Bigger Picture
Sequans’ latest move underscores the intensifying Bitcoin treasury race among public companies, echoing the playbook of firms like MicroStrategy that have built billion-dollar Bitcoin reserves. If Sequans succeeds with its plan, it could emerge as one of Europe’s most prominent corporate Bitcoin holders a notable shift for a company better known for semiconductors than digital assets.
