Sequans Communications (SQNS) said Thursday it purchased 370 bitcoins (BTC-USD) as part of a new bitcoin treasury strategy.
The company said it used proceeds from its recent stock and convertible debt offering, which closed Monday, to fund the purchase.
Sequans plans to accumulate more than 3,000 bitcoins in the coming weeks, CEO Georges Karam said.
The company said it has partnered with Coinbase (COIN) to serve as custodian for the bitcoin holdings.
Shares of Sequans were up over 88%, while Coinbase shares were up 2.5% in recent trading.
Price: 3.91, Change: +1.84, Percent Change: +88.79
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