Semiconductor and IoT module developer Sequans Communications has announced plans to raise $384 million to fund a strategic investment in Bitcoin, underscoring growing corporate interest in using the cryptocurrency as a treasury asset. The company said it would raise the funds through a combination of equity and convertible debt, with $195 million in equity issuance and $189 million in convertible debentures. Sequans is collaborating with Swan Bitcoin, a firm that specializes in Bitcoin treasury management, for the execution of this plan. “Our bitcoin treasury strategy reflects our strong conviction in bitcoin as a premier asset and a compelling long-term investment,” said Sequans CEO Georges Karam. Corporate Bitcoin Adoption Accelerates Sequans joins a growing list of companies diversifying their treasuries with Bitcoin. Over the weekend, Nakamoto Holdings raised $51.5 million for the same purpose, while Metaplanet added 1,111 BTC to its balance sheet on Monday, putting it just shy of Tesla’s Bitcoin holdings. According to BitcoinTreasuries.NET, roughly 240 companies now hold Bitcoin on their balance sheets. That figure has nearly doubled in recent weeks. Together, these firms control around 4% of the global Bitcoin supply. Market Veteran Sees Trend Shift Adam Back, CEO of Blockstream and a prominent figure in the early Bitcoin community, commented on the trend on X (formerly Twitter). “Time to dump ALTs into BTC or BTC treasuries,” Back posted, referring to an emerging pattern where institutions are shifting away from altcoins and favoring Bitcoin. He characterized the surge in Bitcoin-focused treasuries as a new kind of “alt-season.” Big Tech Stays on the Sidelines Despite the growing momentum, many major technology firms are still hesitant. Amazon, Meta, and Microsoft have refrained from adding Bitcoin to their treasuries, largely due to concerns over its price volatility and ongoing regulatory uncertainty. Unlike traditional assets, Bitcoin’s market swings can expose shareholders to risks that typical corporate treasuries are designed to avoid. Strategy Remains the Largest Holder MicroStrategy, now known as Strategy, continues to dominate corporate Bitcoin holdings. The company holds approximately 592,345 BTC, valued at about $60.2 billion at current prices. Strategy has consistently used convertible debt to acquire Bitcoin, underscoring its commitment to a long-term accumulation strategy. Growing Institutional Confidence While the debate over Bitcoin’s role in corporate finance continues, the rising number of firms entering the space suggests that institutional confidence in the cryptocurrency is growing. Sequans’ move marks another major step in the ongoing integration of Bitcoin into mainstream financial strategy.
