French chipmaker Sequans Communications filed on Monday for a $200,000,000 at-the-market (ATM) equity program to back its Bitcoin treasury plan, the company said.
The Paris-based 4G and 5G semiconductor firm told the U.S. regulator that it may sell American Depositary Shares as needed.
The move aims to help Sequans keep buying Bitcoin and reach 100,000 BTC by 2030. The filing said the timing and size of any sales will depend on market conditions and other factors.
Offer details
The program would let Sequans place U.S.-listed ADS into the market over time. The company said net proceeds would be used mainly to keep adding Bitcoin to its balance sheet.
Sequans first announced that it would use Bitcoin as a core treasury asset on June 23. This equity tool gives the firm flexibility to raise cash without a single large deal.
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Current holdings and scale
Data from BitBo shows Sequans now holds 3,171 BTC on its balance sheet. Those coins are worth about $349,000,000 at the prices cited in the filing. That makes Sequans the second biggest corporate Bitcoin holder in Europe after Germany’s Bitcoin Group SE, which holds 12,387 BTC.
If Sequans raised the full $200,000,000 at current prices, it could buy roughly 1,814 more BTC. That would push its total close to 5,000 BTC, a level similar to Semler Scientific.
Market Reaction & Treasury Strategy by Others
Sequans shares closed Monday at $0.96, down 6.8% for the day, and after-hours trading showed a small rebound of 0.41%.
The company warned that sales would be at its discretion. That means investors will closely monitor the execution and pace of any ADS placements.
The number of publicly traded firms holding Bitcoin has climbed to 174, up from fewer than 100 at the start of 2025.
Large holders keep adding crypto on monday, 26th August, we reported that Strategy bought another 3,081 BTC on Monday, bringing its stash to 632,457 BTC.
Metaplanet added 103 BTC to kick off the week. Metaplanet’s announcement noted that its total holdings now sit at 18,991 BTC.
Several European groups and service firms are also moving toward Bitcoin treasuries. At least 15 companies in Europe have publicly confirmed they hold Bitcoin.
Amdax, a crypto firm based in Amsterdam, said it will set up a new Bitcoin treasury company called AMBTS and seek a listing on Euronext Amsterdam. The plan includes raising capital from private investors in an initial funding round.
Media and sector trackers have reported other notable buys, such as Cardone Capital adding about 1,100 BTC.
Why this matters?
Sequans is primarily a chipmaker, not a financial firm, and its bet on Bitcoin shows how corporate treasuries can change when firms use digital assets as a store of value.
For Sequans, the idea is to grow crypto holdings alongside its business. For investors, the key questions are how the company will balance capital needs and how any ADS sales might affect the stock.
Sequans’ chief executive, Georges Karam, said the company will use the program carefully to strengthen its treasury.
He added that “The goal is to increase Bitcoin per share and to create long-term value for stockholders. The filing reiterates that the company will weigh market conditions before selling shares.”
Sequans’ new filing highlights a growing pattern of firms moving corporate cash into Bitcoin. The program gives the chipmaker room to raise funds when it chooses.
How fast and how much Sequans buys will shape both its balance sheet and how investors view the company going forward.
Also Read: Strategy Buys Bitcoins Worth $357M, Growing its Treasury to 632,457 BTC As Bitcoin Price Plummets