French semiconductor manufacturer Sequans Communications aims to raise $200 million through an at-the-market equity offering to invest in its Bitcoin treasury. The company has filed a Form F-3 registration statement with the U.S. Securities and Exchange Commission, seeking approval to sell American Depositary Shares at its discretion.
Sequans plans to increase its Bitcoin holdings
Proceeds from the program would be used primarily to fund Sequans’ Bitcoin purchases and other “general corporate purposes primarily associated with purchasing Bitcoin.”
Unlike a traditional lump-sum funding round, the at-the-market (ATM) structure allows the French chipmaker to time its purchases according to market conditions, optimizing its investment strategy.
“We intend to use it judiciously […] to deliver long-term value to shareholders,” CEO Georges Karam said in a statement.
If approved, Sequans could acquire approximately 1,814 BTC at current market prices of around $110,000, bringing its total holdings to roughly 5,000 BTC. As of August 26, 2025, the company holds 3,171 BTC.
This move would place Sequans within close range of direct competitor Semler Scientific, which has pursued a similar treasury-focused strategy in recent quarters.
Despite the announcement, Sequans’ stock closed down 6.8%, continuing a multi-week decline that began in mid-July.
The timing of the fundraiser, however, appears strategic. Bitcoin has pulled back from its all-time high of $124,517 on August 14, creating what many in the industry see as a short-term accumulation window.
Bitcoin treasury-focused companies, such as Michael Saylor-led Strategy, often capitalize on such dips to lower average acquisition costs and strengthen long-term positioning. Similarly, Hong Kong gaming firm Boyaa Interactive reported purchasing 290 BTC between August 5 and August 25, bringing its total holdings to 3,670 BTC at an average price of $62,878 per coin.
The race to build Bitcoin treasuries intensifies
Sequans initially revealed its plans for a treasury overhaul in late June, shortly before completing a $384 million private placement supported by more than 40 institutional investors. The full proceeds were used to acquire the first tranche of Bitcoin for its treasury.
Following Sequans’ lead, several other publicly traded companies have increasingly turned to Bitcoin in recent quarters. At the start of 2025, fewer than 100 public companies held Bitcoin; as of now, that number has risen to 174, according to Bitcointreasuries data.
