Semiconductor Titan Sequans Shocks Markets: Dumps $384M Cash Reserves for Bitcoin Treasury Bet

Wall Street's spreadsheet jockeys just got a wake-up call—Semiconductor powerhouse Sequans is going full crypto maximalist.

The $384 million treasury flip from fiat to Bitcoin marks one of 2025's most aggressive corporate balance sheet plays. No half-measures here—this is a clean break from dead-weight dollar positions.

Why the radical pivot? The company's C-suite clearly isn't buying the 'stablecoin' narrative. While legacy finance clings to 0.05% yield savings accounts, Sequans is chasing asymmetric upside—the kind only volatile assets provide.

Corporate treasurers worldwide now face an uncomfortable question: Are they asset allocators...or glorified bank tellers? One thing's certain—the 'safe' choice of cash looks riskier by the day.

How Sequans pulled off its $384 million pivot

The speed of Sequans’ Bitcoin conversion is as notable as its scale. The raise came just weeks after the company first floated its pivot in a June announcement, suggesting investor interest was strong and the plan already in motion.

While Sequans has not disclosed the more than 40 participating investors, the involvement of regulated placement agents Northland Capital Markets and B. Riley Securities signals traditional finance’s ongoing willingness to back Bitcoin-centric strategies. Yorkville Securities, known for its deals with Crypto.com and TRUMP Media’s digital asset ventures, also played a role in closing the transaction.

In addition to the $195 million in equity and $189 million in convertible debt, investors received common stock warrants exercisable within 90 days. If fully executed, those warrants could add another $57.6 million to Sequans’ balance sheet. According to the company, proceeds will be used primarily to acquire Bitcoin, with the remainder allocated to support treasury-related corporate functions.

To carry out its new strategy, Sequans tapped Swan Bitcoin, an institutional service provider, to handle custody and execution. Swan’s involvement suggests Sequans prioritizes regulatory compliance and security, critical concerns for public companies dabbling in digital assets.

Meanwhile, Sequans’ NYSE listing remains in jeopardy. After the company’s market cap fell below $50 million, it entered a cure period to avoid delisting. The Bitcoin pivot, along with the capital injection, appears aimed at resetting its financial trajectory. Investors welcomed the move, with shares jumping 60% in pre-market trading, according to Yahoo Finance data.