Semiconductor company Sequans is raising $200M to buy Bitcoin

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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