Semiconductor company Sequans is raising $200M to buy Bitcoin
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French chipmaker Sequans has said it is looking to accumulate 100,000 Bitcoin within five years in an aggressive treasury strategy.
French semiconductor company Sequans Communications filed for a $200 million at-the-market equity offering on Monday to fuel its Bitcoin treasury strategy — with the longer-term aim to amass 100,000 Bitcoin by 2030.
The program will allow the 4G and 5G chipmaker to issue American Depositary Shares — US dollar-denominated equity shares of a foreign company that are traded on US stock exchanges — at its discretion, it said in a filing to the Securities and Exchange Commission on Monday.
“We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders,” Sequans CEO Georges Karam said in a statement.
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