Sequans Takes A Page From MicroStrategy: Is Bitcoin The New Corporate Treasury Play?

Sequans Communications (NYSE:SQNS), a publicly listed semiconductor company known for its 4G and 5G IoT solutions, on Monday announced plans to raise approximately $384 million to establish a Bitcoin (CRYPTO: BTC) treasury as part of its broader strategic shift.

The company will secure the funds through a combination of private placements, including roughly $195 million in equity securities and $189 million in secured convertible debentures, according to a release issued Monday.

The funding round is expected to close by July 1, pending shareholder approval at its June 30 meeting and standard closing conditions.

"Our bitcoin treasury strategy reflects our strong conviction in Bitcoin as a premier asset and a compelling long-term investment," said Georges Karam, CEO of Sequans. "We believe Bitcoin's unique characteristics will enhance our financial resilience and deliver significant value to our shareholders."

Sequans plans to partner with Swan Bitcoin to manage its Bitcoin treasury operations.

The company emphasized that while it is expanding into bitcoin, its core mission of supporting IoT customers and advancing its 4G and 5G product offerings remains unchanged.

The private placement includes a mix of ordinary shares, American Depositary Shares (ADSs), and common warrants priced at $1.40 per ADS and warrant.

The debt portion of the offering is contingent upon the company securing at least $195 million from the equity raise.

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Northland Capital Markets and B. Riley Securities are joint lead placement agents, and Yorkville Securities is also participating.

Legal counsel for the deal includes Lowenstein Sandler LLP and ARCHERS for Sequans, and Goodwin Procter LLP for the placement agents.

Sequans' move aligns it with a growing list of publicly traded companies adding Bitcoin to their treasuries.

The most notable is Strategy (NASDAQ:MSTR), which began accumulating Bitcoin in 2020 and now holds over 214,400 BTC, according to its most recent filings.

MicroStrategy’s aggressive Bitcoin purchases, led by Executive Chairman Michael Saylor, have made it the largest corporate holder of Bitcoin globally and a key player in driving institutional Bitcoin adoption.

Meanwhile, Metaplanet, a Tokyo-listed company, has been rapidly scaling its Bitcoin treasury.

As of June 2025, Metaplanet has acquired 11,111 BTC at an average purchase price of $95,869 per Bitcoin, valued at around $1.12 billion at current market prices.

The company surpassed Coinbase Inc. in corporate bitcoin holdings and recently revised its goals, aiming to accumulate 30,000 BTC by the end of 2025, 100,000 BTC by 2026, and 210,000 BTC by 2027.

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