Sequans, a telecommunications company listed on NYSE as SQNS, announced its intention to raise $384 million to launch a bitcoin treasury, according to a recent press release. The fundraising is set to comprise $195 million in equity securities and $189 million in convertible secured debentures. CEO Georges Karam expressed the company's strong belief in Bitcoin, stating, "Our bitcoin treasury strategy reflects our strong conviction in bitcoin as a premier asset and a compelling long-term investment." To implement this strategy, Sequans has partnered with U.S.-based Swan Bitcoin, a firm specializing in bitcoin financial services.
Following this announcement, Sequans shares saw a significant pre-market increase of 14%, reaching $2.21 per share. The decision to adopt a bitcoin treasury aligns with a recent trend among publicly-listed companies in various sectors, including healthcare and media, who are also acquiring Bitcoin. At the time of the announcement, Bitcoin was trading around $101,000, recovering from a prior dip triggered by geopolitical tensions involving the U.S. and Iran.
Following this announcement, Sequans shares saw a significant pre-market increase of 14%, reaching $2.21 per share. The decision to adopt a bitcoin treasury aligns with a recent trend among publicly-listed companies in various sectors, including healthcare and media, who are also acquiring Bitcoin. At the time of the announcement, Bitcoin was trading around $101,000, recovering from a prior dip triggered by geopolitical tensions involving the U.S. and Iran.
