French semiconductor company Sequans Communications announced on Monday that it will support its Bitcoin asset management plan through $200 million in equity financing, aiming to accumulate 100,000 Bitcoins by 2030.
4G and 5G chip manufacturer Sequans can issue American depositary shares as needed and list them on the U.S. stock exchange, according to documents submitted to the U.S. Securities and Exchange Commission.
Sequans CEO Georges Karam stated: "We plan to use these funds prudently to optimize our finances, increase the number of Bitcoins held, and provide long-term value to shareholders."
According to BitBo data, this Paris-based company currently holds 3,171 Bitcoins valued at $349 million, making it the second largest corporate Bitcoin holder in Europe, after Germany's Bitcoin Group SE.
Sequans first announced its Bitcoin asset management plan on June 23, becoming part of a growing trend among publicly traded companies adopting cryptocurrency as a means to hedge against inflation and store value.
The number of publicly traded companies holding Bitcoin has increased to 174, up from less than 100 at the beginning of 2025.
Sequans may increase its Bitcoin holdings by 5,000 through fundraising.
The semiconductor company stated that the timing and amount of stock sales will be determined by the company based on market conditions and other factors.
The net proceeds from the financing are expected to be "primarily used to continue accumulating Bitcoin in accordance with the company's asset management strategy," Sequans said.
At current market prices, $200 million could buy an additional 1,814 Bitcoins, bringing its total holdings close to 5,000.
On Monday, Sequans' stock closed at $0.96, down 6.8%, but rose 0.41% in after-hours trading.
Bitcoin asset management firms are buying on the dip.
This $200 million equity financing comes as Bitcoin's price has retraced to $110,045, down 11.6% from the record high of $124,517 set on August 14.
The largest corporate Bitcoin holder Strategy bought 3,081 Bitcoins on Monday, and Metaplanet also purchased 103.
ETH asset management firms are gaining attention.
Due to the rise of Ethereum (ETH) asset management firms, corporate Bitcoin adoption has slowed, with BitMine Immersion Technologies holding $7.5 billion in ETH, making it the second largest crypto asset management company.
ETH management companies include SharpLink and The Ether Machine, holding $3.24 billion and $1.51 billion in ETH, respectively.
The adoption of ETH asset management has driven its price up by 198% since April 9.
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