Sequans Communications, a semiconductor firm based in France, has applied for a capital initiative targeting $200 million. The goal? To enhance its financial strategy regarding Bitcoin, with an aim to accumulate 100,000 Bitcoin by 2030.
This program will enable 4G and 5G chip manufacturers to issue US depositary shares, facilitating the trading of foreign companies’ shares in US dollars on US exchanges. This information was detailed in a recent filing with the Securities and Exchange Commission.
Sequans’ CEO, Georges Karam, mentioned that they plan to use the funds smartly to optimize the Treasury, increase Bitcoin holdings per share, and ultimately provide sustained value for shareholders.
As for the current situation, the Paris-based company holds 3,171 Bitcoin (BTC), amounting to around $349 million. This positions it as the second-largest holder in Europe, trailing behind Germany’s Bitcoin Group SE, which owns 12,387 BTC. Sequans also expressed its commitment to using Bitcoin as its primary financial asset back in June, aligning with the trend of public companies increasingly viewing cryptocurrency as a hedge against inflation.
The number of publicly traded companies with Bitcoin has surged to 174 from less than 100 at the beginning of 2025.
Revenues Tied to Bitcoin Holdings
Sequans noted that the decision on the timing and size of stock sales through the equity program will depend on market conditions and various other factors. The revenue generated from this offering is anticipated to be primarily directed toward further Bitcoin acquisitions in line with the company’s financial approach.
With current market valuations, the $200 million could secure around 1,814 additional BTC, potentially increasing their total Bitcoin reserves close to 5,000 BTC.
On Monday, Sequans’ stock closed at $0.96, which reflects a drop of 6.8% during the trading day, though it saw a minor uptick of 0.41% in after-hours trading.
Capitalizing on Market Fluctuations
This $200 million share offering coincides with a recent dip in Bitcoin’s market value, which fell from an August high of $124,517 to approximately $110,045. Another corporate Bitcoin holder seized the moment by acquiring 3,081 additional bitcoins yesterday, raising their total to 632,457 BTC.
The Rise of Ethereum Finance Companies
Amidst this, there’s been a notable rise in Ethereum (ETH) financing firms, which has somewhat slowed down Bitcoin adoption. Bitmine Immersion Technologies is noteworthy here, currently managing one of the largest crypto departments with a valuation of $7.5 billion in ETH.
Sharplink and Ether Machine complete the top three ETH Treasury Company Holdings, possessing $3.24 billion and $1.51 billion, respectively. The increased adoption of ETH Treasury is said to have fueled a 198% price surge since early April, gradually distancing itself from Bitcoin in this latest bull market cycle.
Overall, there’s much to consider as the landscape of digital assets continues to evolve.
