Sequans Communications, the Paris-based chipmaker listed on the New York Stock Exchange (NYSE), plans an at-the-market equity program of up to $200 million to expand its Bitcoin treasury. The company will issue American Depositary Shares (ADS) to U.S. investors and others as needed. CEO Dr. Georges Karam frames the move as a long-term treasury management play aimed at corporate Bitcoin holdings growth. Sequans already holds more than 3,000 BTC and targets 100,000 BTC by 2030. The approach mixes equity and debt financing to accelerate purchases while balancing price volatility risk and equity dilution.
Bitcoin treasury strategy
Sequans is aligning its corporate value with Bitcoin’s adoption cycle. The Bitcoin treasury strategy aims to compound liquidity, improve balance sheet resilience, and attract investors seeking hard-asset exposure. Management believes disciplined treasury management can harness upside while setting guardrails for drawdowns. The goal to reach 100,000 BTC by 2030 would put Sequans among Europe’s largest corporate Bitcoin holders. That position could boost market visibility, strengthen counterparties’ confidence, and deepen institutional engagement across the NYSE and global capital markets.
ADS on NYSE
The company will raise capital by selling ADS on the NYSE under an at-the-market equity program. This channel lets Sequans sell small tranches into live trading, seeking better pricing and continuous access to liquidity. ADS offers a familiar structure for U.S. investors, easing participation in a foreign-listed firm’s Bitcoin treasury strategy. The flexibility supports measured execution—ramping up when conditions favor buying and slowing during turbulence. It’s a pragmatic way to scale corporate Bitcoin holdings without relying on a single large placement.
Convertible debentures
In July 2025, Sequans raised $189 million through secured convertible debentures and warrants. That financing, combined with the new ADS program, brings recent capital raised to roughly $376 million. Convertible debentures add optionality: they lower near-term cash costs while offering investors upside tied to equity. Warrants can deepen alignment, especially if Bitcoin treasury targets are met and valuation improves. Together, these instruments help Sequans bridge working capital, growth, and BTC accumulation without overexposing any one funding channel.
Price volatility risk
Bitcoin’s price volatility risk is real. Sequans acknowledges that equity dilution and market drawdowns must be managed with discipline. The company’s plan will likely stress cold storage security, clear purchase frameworks, and risk limits to avoid overextension. Executing the Bitcoin treasury strategy during periods of liquidity stress requires caution and a strong treasury function. Transparent reporting can help shareholders track average purchase prices, reserve composition, and the balance between operational needs and BTC stack growth.
U.S. investors
For U.S. investors, ADS access on the NYSE offers a direct way to gain exposure to a Bitcoin treasury backed by a real operating business. This differs from spot ETFs because corporate Bitcoin holdings sit alongside cash flow and semiconductor IP. That mix can appeal to those seeking both a BTC kicker and equity upside tied to chip demand. Liquidity via the at-the-market equity program also means Sequans can respond to market signals faster than many peers.
100,000 BTC by 2030
Hitting 100,000 BTC by 2030 requires consistent execution. That includes timing buys through cycles, integrating proceeds from ADS sales, and managing dilution. It may also include strategic use of futures or options to smooth volatility. The milestone is ambitious but clear, giving the market a measurable yardstick. If the Bitcoin treasury grows while core operations perform, the company’s valuation could start to reflect both semiconductor fundamentals and a significant digital asset reserve.
Corporate Bitcoin holdings
Sequans joins a growing list of public companies building corporate Bitcoin holdings as a hedge against fiat debasement and as a strategic asset. For a Paris-based chipmaker, the move may also strengthen global brand recognition in crypto and fintech circles. Cross-border treasury management is crucial here: custody best practices, auditability, and regulatory clarity can be competitive advantages. Expect the firm to lean into robust governance to support its Bitcoin treasury for the long haul.
At-the-market equity program
Using an at-the-market equity program helps avoid the cliff risk of large, one-off raises. It also lets Sequans map Bitcoin purchases to liquidity windows, aiming for efficient capital deployment. This tool is familiar on Wall Street and can be a strong fit for a Bitcoin treasury strategy if executed with patience. Investors will watch issuance pacing closely, alongside updates on BTC accumulation and capital allocation priorities.
Frequently asked questions about Sequans $200 million share sale for Bitcoin treasury (FAQ)
What is an at-the-market equity program?
It allows a company to sell small amounts of stock into the open market over time, seeking better pricing and steady liquidity rather than a single large offering.
Why is Sequans building a Bitcoin treasury?
Management sees Bitcoin as a long-term reserve asset. A Bitcoin treasury can hedge inflation, attract capital, and align the company with digital asset growth.
How does equity dilution affect shareholders?
Issuing new shares reduces existing holders’ ownership percentage. Sequans aims to offset this with strategic BTC accumulation and business execution.
Is Sequans buying Bitcoin immediately?
The company intends to purchase BTC over time. The pace will depend on market conditions, cash needs, and issuance timing under the ADS program.
What are the main risks?
Bitcoin’s price volatility risk and equity dilution are key. Strong treasury management, secure custody, and transparent reporting can mitigate these risks.
