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French semiconductor firm Sequans Communications has revealed an ambitious plan to deepen its Bitcoin treasury holdings with a $200 million at-the-market (ATM) equity offering, positioning itself as one of Europe’s most aggressive corporate Bitcoin adopters. The Paris-based 4G and 5G chipmaker aims to amass 100,000 BTC by 2030, marking a strategic pivot that underscores the growing intersection between traditional tech firms and digital assets.
$200 Million Offering to Fuel Bitcoin Accumulation
Sequans revealed its plans in a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, detailing how it intends to issue American Depositary Shares (ADS) on U.S. exchanges at its discretion. Proceeds from these sales will be primarily directed toward accumulating Bitcoin as part of its corporate treasury strategy.
The company’s CEO Georges Karam emphasized that the offering will be deployed with discipline:
“We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders.”
At current market prices, $200 million could purchase approximately 1,814 BTC, bringing Sequans’ total holdings to nearly 5,000 BTC — roughly the same level as U.S.-listed medical tech firm Semler Scientific.
Sequans Already Among Europe’s Largest Corporate Bitcoin Holders
Sequans currently holds 3,171 BTC, worth around $349 million, making it the second-largest corporate Bitcoin holder in Europe after Bitcoin Group SE of Germany, which owns 12,387 BTC.
This move cements Sequans as a key player in Europe’s corporate Bitcoin adoption trend, which has accelerated sharply in 2025. According to data from BitBo, 174 public companies worldwide now hold Bitcoin, up from fewer than 100 at the beginning of the year.
The semiconductor firm first disclosed its intent to use Bitcoin as a core treasury asset in June 2025, joining an expanding list of technology and financial companies that see BTC as a hedge against inflation and an attractive long-term store of value.
Riding the Bitcoin Pullback
Sequans’ reveal comes during a period of price correction for Bitcoin, which recently fell to $110,045, an 11.6% decline from its record high of $124,517 set on August 14.
For many treasury-focused firms, such pullbacks represent an opportunity to accumulate more BTC at relatively discounted prices. For instance, Strategy (formerly MicroStrategy), the largest corporate Bitcoin holder in the world, added another 3,081 BTC on Monday, bringing its total to a staggering 632,457 BTC.
Similarly, Metaplanet, a Japan-based corporate treasurer, purchased 103 BTC to start the week. Sequans now appears to be following the same strategy of “buying the dip.”
ETH Treasuries on the Rise, Challenging Bitcoin Dominance
While corporate adoption of Bitcoin continues, the momentum has recently shifted toward Ethereum treasuries, creating new competition in the crypto reserve space.
BitMine Immersion Technologies, originally a Bitcoin mining company, has transformed into an Ethereum treasury giant with more than $7.5 billion in ETH holdings, making it the second-largest corporate crypto treasurer globally.
Other firms such as SharpLink Gaming ($3.24 billion in ETH) and The Ether Machine ($1.51 billion in ETH) have also bet heavily on Ethereum, contributing to ETH’s dramatic 198% rally since April.
Despite this, Sequans’ focus remains firmly on Bitcoin, signaling confidence in BTC’s long-term role as digital gold.
Balancing Chip Manufacturing With Bitcoin Strategy
Sequans is best known for its semiconductor solutions, particularly in 4G and 5G chip technology for IoT devices and broadband networks. By shifting a large portion of its treasury into Bitcoin, the company is diversifying away from reliance solely on its hardware business, while also seeking to attract investors aligned with the Bitcoin thesis.
The strategy mirrors that of companies such as Tesla, Square (Block), and Semler Scientific, which have all integrated Bitcoin into their balance sheets as part of corporate treasury management.
For Sequans, the move could also enhance its visibility among U.S. investors, especially given that its equity will be issued as American Depositary Shares, traded on U.S. markets.
Looking Toward 100,000 BTC by 2030
Sequans’ long-term target of 100,000 BTC by 2030 is bold, representing a multibillion-dollar bet on Bitcoin’s future. At current prices, that target would require more than $11 billion in capital. However, if Bitcoin prices rise substantially, the company could potentially reach its goal with a smaller allocation of cash.
Such a commitment could position Sequans as one of the largest corporate Bitcoin holders worldwide, rivaling Strategy’s current dominance.
Market Response and Investor Outlook
Following the reveal, Sequans’ shares closed Monday at $0.96, down 6.8% on the day, but saw a modest rebound of 0.41% in after-hours trading. Investors appear divided: some view the Bitcoin strategy as a high-risk, high-reward play, while others see it as a forward-looking move to secure long-term shareholder value.
With the semiconductor industry already experiencing cyclical challenges, Sequans’ pivot into Bitcoin offers a hedge against macroeconomic pressures while also placing it at the heart of the ongoing debate about corporate Bitcoin adoption.
Conclusion
Sequans’ $200 million raise highlights a growing corporate arms race to acquire Bitcoin, even as Ethereum treasuries gain traction. By setting a long-term goal of 100,000 BTC, the French chipmaker has signaled one of the boldest treasury strategies in Europe.
As corporate adoption of Bitcoin accelerates, Sequans’ move could pave the way for other European tech firms to follow suit, further blurring the lines between traditional industries and digital assets.
