Well, here’s something you don’t see every day. Sequans Communications, a semiconductor company based out of Paris, is making a pretty unconventional move with its finances. They’ve just filed to raise up to $200 million through what’s called an at-the-market equity program. And the main goal? To buy Bitcoin.
It’s part of what the company is calling a long-term treasury strategy. They’re not dipping into cash reserves or taking on traditional debt here—this is about issuing new shares, a little at a time, to fund their crypto ambitions.
A Growing Bitcoin Position
According to the filing with the SEC, the company can issue American Depositary Shares, which let U.S. investors trade shares of foreign companies like Sequans. CEO Dr. Georges Karam said they plan to use the program “judiciously,” aiming to optimize their treasury holdings.
This isn’t the first big money move they’ve made recently, either. Back in July, Sequans raised another $189 million through convertible debentures and warrants. All told, that brings recent fundraising to nearly $376 million.
And they’re putting it to use. The firm already holds more than 3,000 Bitcoin. At today’s prices, that’s worth something like $331 million. That makes them one of the largest corporate Bitcoin holders in Europe—second only to Germany’s Bitcoin Group SE. Their goal is even bigger: 100,000 Bitcoin by 2030.
Not Without Risk
But raising equity specifically to buy Bitcoin—that’s a bold strategy. It definitely dilutes existing shareholders. And it ties the company’s value much more directly to Bitcoin’s famously volatile price movements.
Dan Dadybayo, research lead at Unstoppable Wallet, pointed out that this approach is less like a speculative bet and more like leveraged exposure. Shareholders are basically accepting dilution now in hopes of long-term gains if Bitcoin rises.
Still, he thinks the model can work—if it’s done carefully. “Smaller firms can innovate using structured financing, options strategies, or BTC-backed deals to accumulate effectively,” he noted. “The model is not copy-paste, but scalable if tailored.”
The Real Challenge
Dadybayo suggests the bigger risk isn’t short-term price swings. It’s whether a company can stick to its plan and not overextend when the market turns. Sequans, he says, is accumulating Bitcoin at a impressive scale for its size. But it doesn’t have the deep financial cushion of a giant corporation to easily ride out a long downturn.
So it’s a high-stakes play. One that depends entirely on execution, discipline, and a belief that Bitcoin’s long-term trend will outweigh the bumps along the way.
We’ll have to wait and see if other firms follow—or if Sequans’ gamble pays off.
