Key Takeaways
- Bitcoin Treasury Strategy: Sequans Communications S.A. filed for a $200 million At-the-Market (ATM) equity program to fund additional Bitcoin acquisition.
- The Paris-based chipmaker already holds 3,171 BTC (around $349 million), making it Europe’s second-largest corporate Bitcoin hodler.
- Long-term goal: 100,000 BTC by 2030 as part of a strategic treasury reserve shift.
- Follows a $189 million convertible debenture raise, bringing total recent funding to $376 million for BTC accumulation.
Table of Contents
From Semiconductors to Satoshis: Sequans’ Aggressive Bitcoin Bet
French semiconductor company Sequans Communications S.A. is not just a 5G chip maker, it’s stacking satoshis, having announced an “at-the-market” (ATM) equity “program” to raise up to $200 million to exclusively grow its Bitcoin treasury strategy that builds on a strategy announced back in June where it joined the growing list of public companies who are adopting BTC as a primary reserve asset.
The firm currently holds 3,171 BTC (worth around $349 million), behind Germany’s Bitcoin Group SE for the second biggest corporate holder of Bitcoin in Europe, and the audacious goal of growing the treasury to 100,000 BTC by 2030.
“As part of our previously announced Bitcoin treasury strategy, this program is being implemented as a tool to support the first phase of establishing our treasury foundation. We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders.” - Georges Karam, CEO of Sequans. Why Equity for Bitcoin? The Corporate Treasury Race
Through an ATM strategy, Sequans can issue shares over time whenever market conditions are opportune, thus avoiding market dilution compared to other lump sum offerings. This tactic is similar to Microstrategy, but the execution is in accordance with the risk aversion associated with European common law. By funding BTC purchases with equity, Sequans gives shareholders leveraged exposure to the upside of Bitcoin while hedging all fiat depreciation.
Economic distress, not to mention volatility, will always be a risk. Equity dilution and Bitcoin price volatility can negatively influence the stock price if BTC ultimately declines. Disciplined execution will be critical.
The Bigger Picture: Corporate BTC Adoption Accelerates
Sequans reflects a bigger narrative: There are now 174 public companies that hodl Bitcoin, up from less than 100 in early 2025. Companies are moving towards BTC as an uncorrelated, inflation-resistant asset across industries, from tech to semiconductors.
Sequans sees it as a portfolio strategy to add diversification away from the cyclical nature of the chip-making sector.
Final Thought: Karam’s making a big move by stacking sats through its Bitcoin treasury strategy, which shows he is really confident Bitcoin will outperform traditional investments and be a good look for shareholders. Now, there’s no way back.
FAQs
What is an “At The Market” (ATM) equity program?
It refers to a flexible offering that lets companies sell shares incrementally into the market to raise capital without a single large offering.
How does this Bitcoin treasury strategy affect shareholders?
It dilutes existing shares but aims to boost long-term value via Bitcoin (BTC) appreciation.
What happens if Bitcoin’s price falls?
Sequans’ stock could face pressure from both dilution and Bitcoin (BTC) volatility.
For more bitcoin treasury strategy stories, read: How Pompliano’s ProCap is Targeting $1B Bitcoin Treasury in Record SPAC Deal
