Sequans to Raise $384M for Bitcoin Treasury Strategy

Sequans Communications, a developer of IoT semiconductors and modules, plans to raise $384 million to fund a Bitcoin treasury strategy. The move follows a growing trend of public companies turning to Bitcoin (BTC) as a reserve asset.

The company will raise funds through a mix of $195 million in equity and $189 million in convertible debentures. These debentures can later be converted into shares. Sequans is working with Swan Bitcoin, a treasury service provider specializing in BTC.

“Our Bitcoin treasury strategy reflects our strong conviction in Bitcoin as a premier asset and a compelling long-term investment,” said Georges Karam, CEO of Sequans.

240 Companies Now Hold Bitcoin in Treasury

Sequans is among the latest firms to adopt a Bitcoin-first capital strategy. Just days ago, Nakamoto Holdings raised $51.5 million for a similar initiative. On Monday, Metaplanet added 1,111 BTC to its balance sheet, narrowing its gap with Tesla’s holdings to just 400 BTC.

Adam Back, CEO of Blockstream, said these moves signal a shift. “Time to dump ALTs into BTC or BTC treasuries,” he wrote on X. Back is a long-time cypherpunk and early Bitcoin advocate.

According to BitcoinTreasuries.NET, about 240 companies now hold BTC on their balance sheets. That figure has nearly doubled in just a few weeks. Together, they control roughly 4% of Bitcoin’s total supply.

Risks of a Corporate Bitcoin Treasury

Not every company is following this trend. Amazon, Meta, and Microsoft have chosen not to allocate any funds to Bitcoin. Their hesitation stems from concerns over volatility and regulatory uncertainty. Corporate treasuries are usually designed to protect capital, not speculate.

Still, Strategy (formerly MicroStrategy), led by Michael Saylor, continues to lead the pack. It now holds 592,345 BTC, worth about $60.2 billion at current prices. The firm often raises large sums through convertible debt to increase its Bitcoin holdings.