Sequans to Raise $384M for Strategic Bitcoin Treasury
Semiconductor firm Sequans Communications will raise $384 million to fund a strategic Bitcoin treasury, in a move pointing to growing corporate adoption of the digital currency. The move follows a spectacular rise in the number of corporations investing Bitcoin on their balance sheets.
Funding Strategy Sponsored by Swan Bitcoin
In order to fund its Bitcoin acquisition, Sequans will also issue approximately $195 million of equity and $189 million of convertible debentures. The financing will be conducted in partnership with Swan Bitcoin, which offers Bitcoin treasury management services to corporations.
“Our bitcoin treasury initiative is based on our strong conviction in bitcoin as a premier asset and a compelling long-term investment,” said Georges Karam, Sequans CEO.
Corporate Bitcoin Adoption Nearly Doubles
Sequans is added to the rapidly expanding list of firms taking Bitcoin as a reserve asset. As of BitcoinTreasuries.NET, around 240 firms now own BTC—a huge rise from just 124 a few weeks ago. Collectively, these firms control about 4% of the total Bitcoin supply.
New ones include:
- Nakamoto Holdings, which raised $51.5 million to expand its BTC holdings
- Metaplanet, which purchased 1,111 BTC, nearing Tesla’s total
Bitcoin vs. Traditional Treasuries
As mainstream adoption sets in, large corporates like Amazon, Meta, and Microsoft continue to avoid Bitcoin, citing volatility and regulatory risk issues. Bitcoin treasuries diverge from traditional cash-based reserves that expose firms to market speculation.
But others, like Adam Back, Blockstream CEO, argue the trend indicates a new “alt-season” that will be led by BTC accumulation.
MicroStrategy Still Leads
Despite the newcomers, MicroStrategy remains the largest corporate Bitcoin holder with 592,345 BTC—valued at over $60 billion. The company has habitually issued convertible debt to fund its BTC purchases, a model now followed by Sequans and others.
