Sequans Raises $200M to Boost Bitcoin Treasury

French chipmaker Sequans Communications is raising $200 million to expand its Bitcoin treasury, aiming for 100,000 BTC by 2030.

French semiconductor firm embraces Bitcoin

Sequans Communications, a Paris-based 4G and 5G chipmaker, has launched a $200 million at-the-market equity program to accelerate its Bitcoin treasury strategy. The company aims to accumulate 100,000 BTC by 2030.

According to the SEC filing, Sequans will issue American Depositary Shares traded on US exchanges. CEO Georges Karam said the move is designed to optimize the company’s treasury, boost Bitcoin per share, and create long-term value for investors.

Data from BitBo shows that Sequans currently holds 3,171 BTC worth $349 million, making it Europe’s second-largest corporate Bitcoin holder after Germany’s Bitcoin Group SE (12,387 BTC).

Proceeds expected to fuel BTC purchases

The company noted that the timing and size of share issuances will depend on market conditions. However, proceeds are primarily intended for further Bitcoin accumulation.

At current BTC prices ($110,045), the $200 million raise could fund the purchase of about 1,814 additional BTC. That would bring Sequans’ total stash to nearly 5,000 BTC, comparable to Semler Scientific’s holdings.

Bitcoin vs Ethereum treasury trend

The number of public companies with Bitcoin treasuries has surged to 174, up from fewer than 100 at the start of 2025.

Still, Ethereum treasury strategies are stealing the spotlight. BitMine Immersion Technologies now holds $7.5 billion in ETH, while SharpLink and The Ether Machine control $3.24 billion and $1.51 billion, respectively.

The rising adoption of ETH treasuries has contributed to a 198% price rally since April, narrowing the gap with Bitcoin during the ongoing bull market.