French IoT chipmaker Sequans Communications (NYSE: SQNS) filed a shelf registration and launched an “at-the-market” (ATM) equity program of up to $200 million, stating that it intends to use the proceeds primarily to purchase Bitcoin as part of its treasury strategy.
How the offering works
Under the new program, Sequans can sell American Depositary Shares (ADSs) from time to time at prevailing market prices. Each ADS represents ten ordinary shares. The prospectus lists Roth Capital Partners, Citizens Capital Markets, Lake Street and Northland Capital Markets in connection with the ATM. The filing also notes the company may issue nominal-value “ATM Sales Warrants” to facilitate issuance under French law—an administrative mechanism that doesn't change investor economics.
Crucially, the use of proceeds section is explicit: Sequans “currently intends to use the net proceeds…for purchase of Bitcoin and for general corporate purposes primarily associated with purchasing Bitcoin.”
A broader pivot to a Bitcoin treasury
The ATM follows Sequans' summer financing moves to seed its Bitcoin reserve. In June–July, the company secured $384 million via a PIPE and secured convertible debentures to kick-start its treasury initiative focused on BTC. Management framed Bitcoin as a long-term store of value alongside its core semiconductor business.
Sequans has been steadily buying: as of Aug. 8. 2025. the company reported 3.171 BTC in treasury, with an average acquisition cost near $116.700 per bitcoin. It has also disclosed a long-term goal to accumulate 100.000 BTC by 2030.
Sequans says it will time future purchases based on market conditions and may use a mix of equity, debt, operating cash flow and IP monetization to build the reserve. The company has also appointed Swan Bitcoin to help manage the program.
Market backdrop and immediate reaction
At the time of the filing, Bitcoin trades around $109.600. off recent highs, while SQNS shares hover near $0.96 in US trading. Sequans says it will use the ATM “judiciously” to optimize treasury management and “increase Bitcoin per share” over time.
Why it matters
Sequans is the rare semiconductor name to adopt a MicroStrategy-style treasury approach—an uncommon crossover between chipmaking cash flows and crypto balance-sheet strategy. Corporate BTC balance sheets have grown in 2025. and trackers now list Sequans among public companies with material holdings. The ATM adds a flexible, ongoing capital source if management decides market conditions are favorable for additional purchases.
The risk lens
Sequans has cautioned investors that Bitcoin's price volatility can materially swing reported results and ADS pricing—risk language the company flagged in recent SEC submissions. Dilution is also possible because shares will be sold into the market over time.
Bottom line
Sequans' $200 million ATM is designed to extend its BTC-first treasury strategy while preserving timing flexibility. With 3.171 BTC already on the books and a stated ambition to scale to 100.000 BTC by 2030. the IoT chipmaker is betting that pairing a Bitcoin reserve with its core connectivity business can create long-term shareholder value—albeit with the volatility and dilution trade-offs that come with the strategy.
