Sequans Plans $200M Raise to Boost Bitcoin Treasury

The Paris-based firm currently owns 3,171 BTC worth about $349 million, and plans to use the proceeds to expand its reserves toward its long-term goal of 100,000 BTC by 2030. If fully executed, the program could boost its holdings to nearly 5,000 BTC, putting it on par with companies like Semler Scientific. The move comes as Bitcoin trades around $109,866, down from its mid-August all-time high, and amid rising competition from Ethereum treasury firms fueling ETH’s surge. Meanwhile, Michael Saylor’s Strategy added another 3,081 BTC last week, bringing its total to over 632,000 BTC despite a slower August accumulation pace.

Sequans Pushes Bitcoin Treasury Growth

French semiconductor company Sequans Communications took a bold step in its Bitcoin treasury strategy by filing for a $200 million at-the-market equity offering with the US Securities and Exchange Commission (SEC). The program will enable the Paris-based 4G and 5G chipmaker to issue American Depositary Shares (ADS) at its discretion, and the proceeds will primarily be used to expand its Bitcoin holdings. CEO Georges Karam said the move will be deployed “judiciously” to strengthen the company’s balance sheet, enhance Bitcoin per share, and deliver long-term value for shareholders.

Sequans currently holds 3,171 BTC, which is worth approximately $349 million at current prices. This makes it Europe’s second-largest corporate Bitcoin holder behind Germany’s Bitcoin Group SE, which owns 12,387 BTC. 

 The company first unveiled its plan to use Bitcoin as a core treasury reserve in June, and set an ambitious goal of accumulating 100,000 BTC by 2030. If fully executed, the new equity program could add 1,814 BTC at current market prices, pushing Sequans’ total reserves close to 5,000 BTC—putting it on par with US-based Semler Scientific’s Bitcoin treasury.

This development is part of a wider trend of corporations embracing digital assets. In fact, 174 public companies now hold Bitcoin, which is up from fewer than 100 at the start of the year. Still, the move also coincides with Bitcoin’s recent pullback to around $109,866, or 12% below its all-time high of $124,517 that was reached on Aug. 14. 

BTC’s price action over the past week (Source: CoinMarketCap)

However, corporate enthusiasm for Bitcoin was recently tempered by the rise of Ethereum treasury companies. BitMine Immersion Technologies, which was once a Bitcoin mining company, now holds $7.5 billion worth of ETH, making it the second-largest crypto treasury overall. Firms like SharpLink and The Ether Machine also established sizable ETH holdings. This trend  helped drive Ethereum’s 198% price surge since April. Sequans’ latest move therefore proves its commitment to Bitcoin.

Strategy Adds More BTC

Michael Saylor’s company Strategy, the world’s largest public Bitcoin holder, also recently expanded its holdings despite recent market volatility. According to an SEC filing on Monday, the firm bought 3,081 BTC for $356.9 million during the week ending Sunday. The purchase was made at an average price of $115,829 per coin, with Bitcoin starting the week near $116,700 before dipping to $112,000 on Thursday.

This latest buy brought Strategy’s total stash to 632,457 BTC, which was accumulated at a total cost of about $46.5 billion and an average purchase price of $73,527 per coin. The move also adds to a series of smaller acquisitions from earlier this month, including 430 BTC that was announced last Monday and 155 BTC the week before. 

With 3,666 BTC purchased so far in August, the pace is much slower compared to July, when the company accumulated 31,466 BTC, and June, when it bought 17,075 BTC. It remains to be seen if Strategy will return to heavier buying before the month closes or continue its more measured pace.

Strategy BTC buys over time (Source: SaylorTracker)

Historically, Saylor expressed little interest in waiting for dips, preferring to buy Bitcoin regardless of price. He reiterated this stance in 2024 when he said, “I’m going to be buying the top forever. Bitcoin is the exit strategy.”

Even with slower purchases, Strategy’s Bitcoin key performance indicators still continued to climb. Its BTC yield, which tracks the percentage change in the ratio between holdings and assumed diluted shares outstanding, recently reached 25.4%. That figure surpasses its earlier 2025 goal of 25%, which prompted the company in July to raise its target to 30% by year-end. 

At the same time, it lifted its Bitcoin gain target from $15 billion to $20 billion. As of Monday, Strategy’s year-to-date Bitcoin gain stood at 113,524 BTC. For now, there is no end in sight for the company’s aggressive accumulation strategy and its role as the largest corporate force in the Bitcoin market.