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2h ago

Sequans Files $200 Million ATM to Expand Bitcoin Treasury

The move signals a treasury strategy focused on timing Bitcoin purchases through incremental share sales.

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 to sell American Depositary Shares through an at-the-market program, with proceeds primarily earmarked for Bitcoin acquisitions.
  • The company holds about 3,171 BTC as of August 26, and full use of the $200 million facility at current prices could lift holdings to roughly 5,000 BTC.
  • Shares of Sequans fell about 6.8% on the day the plan was disclosed.
  • CEO Georges Karam said the facility will be used judiciously, leveraging the ATM’s flexibility to time purchases after Bitcoin’s recent pullback from an August record.
  • Reports differ on the size of earlier financings used to seed the treasury, and the firm has outlined a 100,000 BTC goal by 2030 as corporate Bitcoin adoption grows, with 174 public companies listed as holders.