Paris-based Sequans Communications, a leading provider of 4G/5G IoT semiconductor chips, has made a decisive leap into the Bitcoin treasury space, announcing plans to raise $384 million through a combination of equity and debt instruments. This move, outlined in filings and public statements last week, marks a striking shift toward digital assets as a cornerstone of its corporate strategy.
Sequans will issue $195 million in new equity—via American Depositary Shares (ADSs)—and $189 million in convertible secured debentures, set to fuel its Bitcoin acquisition initiative. Scheduled to close by July 1, pending shareholder approval, the capital raise positions Sequans at the forefront of an expanding corporate trend of Bitcoin accumulation.
At the heart of this strategy is a partnership with Swan Bitcoin, a U.S.-based firm specializing in Bitcoin treasury management and custody. According to CEO Georges Karam, the decision “reflects our strong conviction in Bitcoin as a premier asset and a compelling long-term investment”. Swan Bitcoin will assist with secure acquisition, institutional-grade storage, and ongoing oversight of Sequans’ digital reserve, integrating Bitcoin into the company’s corporate finance operations.
Sequans is the latest public company to incorporate Bitcoin directly into its treasury—a movement triggered earlier this year when Strategy, formerly MicroStrategy, pioneered large-scale corporate Bitcoin accumulation. Today, around 240 public companies and holding entities control approximately 4% of the total Bitcoin supply, a number that has nearly doubled in recent weeks.
As a European IoT semiconductor firm—and one with a sub-$50 million market cap—Sequans stands out. The initiative indicates that even mid-cap industrials are embracing high-conviction positioning in Bitcoin. In fact, Sequans’ decision comes amid structural pressures: it recently received an NYSE notice warning of a compliance risk tied to market cap and shareholder equity falling below listing thresholds. The Bitcoin treasury strategy may be seen as an attempt to restore investor confidence and support its valuation journey.
The announcement drew immediate market attention. Sequans stock surged 14% in pre-market trading on the NYSE, trading around $2.21 per share, following the news. That uptick suggests investors welcomed the bold strategic pivot—highlighting the growing appeal of Bitcoin as an institutional-grade asset rather than a speculative fringe token.
Sequans isn’t alone. Other firms such as Nakamoto Holdings ($51.5 million raise), Metaplanet (adding over 1,000 BTC), and ECD Automotive Design ($500 million equity facility) have similarly disclosed plans to build Bitcoin treasuries in recent days. Blockstream CEO Adam Back even implied this surge in corporate Bitcoin adoption is spawning a new wave of market rotation: “Time to dump ALTs into BTC or BTC treasuries”.
Despite widespread support, corporate Bitcoin treasuries are not without scrutiny. Sequans’ path follows in the footsteps of Strategy, which pioneered the conversation but also sparked debates over volatility, regulatory exposure, and corporate governance. Bitcoin prices fluctuate widely, and holding such a volatile asset introduces risks—including margin calls, liquidity crunches, and balance sheet valuation swings .
Sequans aims to manage risk through structured fundraising and collaboration with Swan Bitcoin, but the approach remains novel. Corporate treasuries are typically intended for capital preservation—not speculative asset holdings—so this move represents a fundamental shift in capital strategy.
So far, Sequans supports its core IoT and telecom mission, pledging to continue expanding its high-speed semiconductor offerings. But the Bitcoin initiative adds a parallel storyline: positioning the company as a bridge between traditional tech innovation and digital asset finance.
If successful, Sequans’ move could embolden other mid-cap industrials to follow suit—paving the way for a broader corporate embrace of Bitcoin. On the other hand, if Bitcoin prices collapse or corporate governance issues arise, Sequans could find itself under heightened investor scrutiny and market pressure.
Sequans’ $384 million Bitcoin capital raise marks more than a financial maneuver—it hints at a deeper transformation in how corporations view balance sheet strategy. No longer limited to low-yield bonds or cash, Bitcoin is gaining legitimacy as a treasury asset, even among non-crypto companies.
The timing is telling: faced with trading challenges and regulatory disclosure demands, Sequans may be signaling a proactive pivot to reduce volatility risk through asset diversification. Many will watch closely to see whether Salesforce, Apple, or other large cap firms follow this model—or whether challenges catch up with early adopters like Sequans and Strategy.
For now, Sequans is embracing the experiment: it’s a smaller tech firm stepping into the Bitcoin spotlight, backed by blockchain partners and a mission that extends beyond bits and bytes. As the Bitcoin treasury trend grows, Sequans may become either a pioneer worth emulating—or a cautionary tale in boardrooms reconsidering digital asset exposure.