French semiconductor company Sequans Communications filed for a $200 million at-the-market equity offering on Monday to fuel its Bitcoin treasury strategy — with the longer-term aim to amass 100,000 Bitcoin by 2030.

The program will allow the 4G and 5G chipmaker to issue American Depositary Shares — US dollar-denominated equity shares of a foreign company that are traded on US stock exchanges — at its discretion, it said in a filing to the Securities and Exchange Commission on Monday.

“We intend to use it judiciously to optimize our treasury, increase Bitcoin per share, and deliver long-term value to shareholders,” Sequans CEO Georges Karam said in a statement. 

BitBo’s Bitcoin treasury data shows the Paris-based company currently holds 3,171 Bitcoin (BTC) worth $349 million on its balance sheet, making it Europe’s second-largest corporate Bitcoin treasury after Germany’s Bitcoin Group SE, which owns 12,387 BTC.

Sequans first unveiled its plan to use Bitcoin as a core treasury asset on June 23, joining a growing trend of publicly traded companies adopting the cryptocurrency as an inflation hedge and store of value. It has previously said it is striving to amass 100,000 Bitcoin by 2030.

The number of public companies holding Bitcoin has risen to 174, up from fewer than 100 at the start of 2025.

Sequans could notch 5,000 Bitcoin with the proceeds

The semiconductor company said the timing and volume of any share sales under the equity program will be at the company’s discretion, determined by market conditions and other factors.

Net proceeds from the offering are expected to be “primarily used to continue accumulating Bitcoin in alignment with the Company’s treasury strategy,” Sequans said.

At current market prices, $200 million could buy Sequans another 1,814 BTC, bringing its total Bitcoin stash to nearly 5,000 BTC — roughly the same amount as what Semler Scientific currently holds.

Sequans closed Monday trading at $0.96, down 6.8% over the trading day. It has since risen 0.41% in after-hours trading.

Bitcoin treasury companies are buying the dip

The $200 million equity offering comes amid a Bitcoin pullback to $110,045, 11.6% off the $124,517 all-time high it set on Aug. 14.

The largest corporate Bitcoin holder, Strategy, scooped up another 3,081 Bitcoin on Monday — bringing its total to 632,457 BTC — while Metaplanet bought 103 BTC to start the week

ETH treasury companies steal the spotlight

Corporate Bitcoin adoption has slowed recently due to the rise of Ether (ETH) treasury companies, with BitMine Immersion Technologies — originally a Bitcoin mining company, now turned ETH treasury company — now holding the second-largest crypto treasury with $7.5 billion in ETH.

Related: Strategy buys $357M in Bitcoin as price drops to $112K

SharpLink and The Ether Machine round out the top three ETH treasury company holdings with $3.24 billion and $1.51 billion in holdings, respectively, according to StrategicETHReserve.xyz.

The ETH treasury adoption has contributed to ETH’s 198% price rally since April 9, making up lost distance on Bitcoin from earlier in the current bull cycle.

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