French Semiconductor manufacturer Sequans Communications is looking to raise $200 million via an at-the-market equity offering to commit towards Bitcoin treasury goals.
Sequans has already filed a Form F-3 registration statement with the United States Securities and Exchange Commission, and is requesting the regulator to allow it to sell American Depositary Shares at its discretion.
Proceeds from the program would directly fund the company’s Bitcoin purchases and other “general corporate purposes primarily associated with purchasing Bitcoin.”
However, unlike a lump-sum funding round, the at-the-market (ATM) structure would allow the French chipmaker to optimize its investments by timing the purchases based on prevailing market conditions.
“We intend to use it judiciously [..] to deliver long-term value to shareholders,” CEO Georges Karam said in an accompanying statement.
If approved, Sequans would be able to add approximately 1,814 BTC to its treasury (based on current market prices of roughly $110,000), which would bring its total treasury holdings to roughly 5000 BTC. It currently holds 3171 BTC as of Aug. 26, 2025.
That would also put Sequan’s within striking distance of its direct competitor Semler Scientific, which has taken a similar treasury-first approach in recent quarters.
Despite the recent announcement, Sequans’ stocks closed the day down 6.8%, extending a multi-week downturn that began mid-July.
Nevertheless, the timing of the fundraiser doesn’t seem random, as Bitcoin has pulled back from its all-time high of $124,517 set on August 14, and the dip has opened what many in the industry view as a brief accumulation window.
Bitcoin treasury companies, such as Michael Saylor-led Strategy, are known to capitalize on such dips to reduce their average acquisition cost and strengthen long-term positioning.Similarly, Hong Kong gaming firm Boyaa Interactive disclosed it had purchased 290 BTC between Aug. 5 and Aug. 25. to bring its total holdings to 3,670 Bitcoins purchased at an average of $62,878 per Bitcoin.
Sequans first disclosed plans for a treasury overhaul back in late June this year, and soon after, it completed a $384 million private placement backed by over 40 institutional investors. The entire proceeds were used to stack the first set of Bitcoins for its treasury.
Like Sequans, several other publicly traded companies have turned to Bitcoin over the past few quarters. There were fewer than 100 public companies holding Bitcoin at the start of 2025. As of the time of writing, 174 public companies are Bitcoin holders according to data from Bitcointreasuries.
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