Semiconductor developer Sequans Communications plans to raise $384 million to build its Bitcoin treasury. The company announced the fundraising effort on June 23, revealing a mix of $195 million in equity and $189 million in convertible debentures. These debentures can be turned into shares later. Sequans will partner with Swan Bitcoin, a firm specializing in BTC treasury management.
Sequans CEO Georges Karam said the move reflects a long-term belief in Bitcoin. “Our bitcoin treasury strategy reflects our strong conviction in bitcoin as a premier asset and a compelling long-term investment,” he stated.
Bitcoin Becomes Corporate Favorite
Sequans is the latest in a growing list of companies turning to Bitcoin as a reserve asset. On June 22, Nakamoto Holdings raised $51.5 million to boost its BTC holdings. A day later, Metaplanet added 1,111 Bitcoins to its balance sheet, bringing it close to Tesla’s total.
Adam Back, CEO of Blockstream and early cypherpunk, commented on X that this trend resembles a new form of altcoin season.
“Time to dump ALTs into BTC or BTC treasuries,”
he wrote.
Companies Now Hold 4% of Bitcoin Supply
According to BitcoinTreasuries.NET, around 240 companies now hold Bitcoin on their balance sheets. This figure has nearly doubled from 124 just weeks earlier. Together, these firms control about 4% of Bitcoin’s total supply.
MicroStrategy remains the largest corporate BTC holder. The company owns 592,345 Bitcoins, worth roughly $60.2 billion at current prices. It frequently uses large convertible debt offerings to acquire more BTC.
Despite the rising interest, major players like Amazon, Meta, and Microsoft have avoided Bitcoin exposure. These firms remain concerned about the asset’s price volatility and unclear global regulations.
Corporate treasuries traditionally aim to preserve value, not expose shareholders to market speculation. However, Bitcoin’s growing appeal as a hedge against inflation and fiat risks is drawing more interest from smaller firms.
Separately, The Blockchain Group also plans to raise $340 million for a similar BTC treasury strategy, following the same trend seen in Sequans’ latest move.