Sequans Goes All-In: $384M Funding Fuels Aggressive Bitcoin Treasury Strategy

Tech giant makes high-stakes pivot to crypto reserves

The Bitcoin Bet

Sequans just placed one of the largest corporate wagers on Bitcoin—raising a staggering $384 million to shift treasury assets into the cryptocurrency. This isn't just dipping toes in the water; it's a cannonball off the high dive.

Why It Matters

While legacy finance still debates Bitcoin's merits, forward-thinking firms are bypassing theory and putting capital to work. Sequans' move signals growing institutional conviction that crypto belongs on balance sheets—volatility be damned.

The Cynic's Corner

Wall Street analysts will call this reckless—right before copying the strategy when BTC hits new highs. Because nothing inspires conservative finance like fear of missing out.

TLDR

• Sequans Communications is raising approximately $384 million through private equity and debt placements.
• The company will use the funds to establish a Bitcoin treasury in partnership with Swan Bitcoin.
• The equity portion will generate 195 million dollars through the sale of ADSs and ordinary shares with attached warrants.
• Sequans will also raise 189 million dollars through secured convertible debentures linked to additional warrants.
• The Bitcoin treasury strategy is designed to diversify assets and strengthen the company’s long-term financial position.

Sequans Communications S.A. has confirmed plans to raise approximately $384 million through private placements in equity and debt. The semiconductor company will allocate the proceeds toward building a Bitcoin treasury alongside a strategic partnership with Swan Bitcoin. This decision follows a compliance warning from the NYSE related to market capitalization and shareholder equity.

Bitcoin Treasury Strategy Backed by $195 Million in Equity Funding

Sequans will issue 1.39 billion ordinary shares, equal to 139.3 million ADSs, through its equity placement. Each ADS and warrant unit is priced at $1.40, while the corresponding ordinary share and warrant cost $0.14. This equity tranche is expected to raise $195 million to initiate its bitcoin treasury.

The equity placement also includes common warrants, exercisable within 90 days of issuance, tied to the newly issued shares. This MOVE strengthens the company’s ability to execute its Bitcoin treasury plans with direct capital infusion. Sequans aims to diversify its asset base and increase shareholder value over time.

Northland Capital Markets and B. Riley Securities will serve as joint lead placement agents for the equity offering. Yorkville Securities may join the transaction to expand investor access and placement capabilities. Legal support comes from Lowenstein Sandler LLP in the U.S. and ARCHERS (AARPI) in France.

Convertible Debentures Add $189 Million to Bitcoin Treasury Plan

In parallel, Sequans will raise $189 million through secured convertible debentures tied to its Bitcoin treasury initiative. The debt instruments include additional warrants for around 202.5 million ordinary shares, also exercisable within 90 days. These securities provide both financing and potential equity upside if converted.

The debt offering supports the same Bitcoin treasury strategy that underpins the equity placement, creating a unified capital allocation approach. The company continues to align its financial decisions with long-term digital asset investments. This dual-funding route is structured to maximize proceeds without disrupting Core operations.

Convertible debentures offer flexibility, allowing Sequans to convert debt to equity based on performance and future valuation. This financial tool supports strategic balance sheet expansion while hedging traditional currency risks. The company maintains its focus on IoT product development amid treasury diversification.

Compliance Warning Coincides With Treasury Shift

On June 5, 2025, the NYSE issued a notice that Sequans did not meet listing standards under Section 802.01B. The deficiency relates to a global market capitalization and shareholder equity falling below $50 million over 30 trading days. The company must submit a compliance plan within 90 days for NYSE review.

Sequans confirmed that its ADSs WOULD remain publicly traded during the cure and review period. The NYSE will assess the compliance plan within 45 days and determine its sufficiency. The company’s Bitcoin treasury strategy may support its efforts to restore valuation thresholds.

Despite regulatory pressures, Sequans continues to support its telecommunications roadmap in 4G and 5G technologies. The Bitcoin treasury initiative is positioned as a complementary financial strategy, not a shift away from CORE operations. Sequans expects the strategy to enhance its financial standing and market confidence.