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3h ago

Sequans Files $200 Million ATM ADS Program to Expand Bitcoin Treasury

The structure lets the Paris chipmaker sell shares at its discretion to time purchases under a long-term Bitcoin strategy.

Sequans launches $200m atm program to fund bitcoin accumulation as treasury strategy
Markets bitcoin business bitcoin strategy bitcoin treasury firms

Overview

  • Sequans filed a Form F-3 with the SEC for an at-the-market American Depositary Share program of up to $200 million, with proceeds primarily earmarked for Bitcoin purchases.
  • The company reports holdings of about 3,171 BTC as of Aug. 26 and estimates the program could fund roughly 1,800 more, taking its stash close to 5,000 BTC.
  • Shares fell about 6.8% on the day of the filing, extending a multi-week slide.
  • Earlier summer fundraising seeded the treasury, with outlets reporting either roughly $384 million from a private placement or about $376 million via convertible debentures and warrants.
  • Analysts caution that equity-funded Bitcoin buys dilute existing shareholders and heighten exposure to BTC volatility, while the CEO says issuance will be used judiciously.