Sequans Communications (NYSE: SQNS), a French semiconductor company, announced on Tuesday that it has successfully closed a $384 million private placement offering and will use the proceeds to buy bitcoin.
Sequans has also struck a partnership with U.S.-based Swan Bitcoin, a financial services firm that specializes in bitcoin-focused wealth management. Swan will assist Sequans with its bitcoin treasury strategy by ensuring “secure execution, robust governance, and market transparency,” according to a press release published by the French company. “We are excited to begin executing our bitcoin treasury strategy,” said Georges Karam, CEO of Sequans. “We believe bitcoin’s unique properties will enhance our financial resilience and create long-term value for our shareholders.” Karam went on to explain that his firm will use excess cash generated from Sequans core business operations to continue acquiring more bitcoin in the future.
