Sequans Communications, a French company listed on the Nasdaq, has raised $384 million to create a treasury primarily in Bitcoin, breaking away from traditional financial models.
French Company Raises $384 Million to Create Bitcoin Treasury
Sequans Communications, a French specialist in IoT chips, has decided to move away from a conventional treasury. On July 8, 2025, the company closed a massive private financing round of $384 million with a clear goal: to convert the majority of this sum into Bitcoins. In a context where the cryptocurrency is nearing $109,000 and European regulation is becoming clearer, this move is a direct challenge to traditional models.
A Bold Bet on the King of Digital Assets
Sequans combined various financial tools to raise the funds:
- $195 million through the sale of ADS (American Depositary Shares) and subscription warrants at $1.40
- $189 million through five-year convertible debentures at a slight discount
- An additional $57.6 million if all warrants are exercised
Additionally, investors will be able to exchange their shares at $2.10 if all conversions are completed, slightly above the current price.
A Strategic Adoption, Not a Game of Chance
This is not a startup whim. Sequans is a listed company, based in Paris and on the Nasdaq. The company manufactures low-power 4G/5G modems integrated into smart meters or industrial sensors. In other words, a serious company in a stable sector deliberately choosing to integrate Bitcoin into its financial strategy.
We believe that the unique properties of Bitcoin will enhance our financial resilience.
The CEO, Georges Karam, reassures that the core business remains a priority and Bitcoin purchases will be proportionate. The company affirms no impact on R&D.
Swan Bitcoin and the Logistics of the Operation
Sequans relies on Swan Bitcoin, a US institutional platform, for the execution of the operation, handling the purchase, custody, and management of BTC, saving the company from internally managing this expertise. The financing was managed by Northland Capital Markets and B. Riley Securities.
A Growing Wave: 857,322 BTC in Corporate Treasury
Today, over 857,000 bitcoins are held by listed companies, according to the latest BitcoinTreasuries data. Topping the list:
- MicroStrategy (MSTR) with 597,325 BTC
- MARA Holdings with 49,179 BTC
- XXI with 37,230 BTC
And now, Sequans joins this exclusive club of “Bitcoin-native” listed companies.
A Hedge Against Economic Chaos?
The timing is crucial. With renewed trade tensions from Donald Trump, rising US interest rates, and persistent inflation, Bitcoin is once again seen as a true safe-haven asset. This growing trend, initiated by tech giants, is now expanding to the industry.
Imagine if every company in the CAC 40 allocated just 5% of its treasury to BTC? Such decisions could be a game changer for the financial sovereignty of European companies, or may lead to an Internet 2.0 bubble.
