Sequans Buys $150M in Bitcoin, Doubling Down on BTC Treasury After $384M Raise

Sequans Communications (SQNS), a France-based semiconductor company, has added another 1,264 bitcoin (BTC) to its balance sheet at an average cost of roughly $118,659 per coin, including fees. The purchase, totaling $150 million, brings its total holdings to 2,317 BTC acquired for about $270 million. Its total average purchase price, including fees, is sitting at $116,493 per BTC. The company announced the acquisition just weeks after closing a $384 million private placement to help fund its bitcoin treasury strategy. That raise included a mix of American depositary shares, convertible debentures and warrants. The company’s CEO Georges Karam has said it’s adopting BTC to enhance its financial resilience and create long-term value. Sequans’ shares lost 9% during Friday’s trading session and are up 15.9% in pre-market trading. Read more: Sequans Shares Jump 35% After $384M Debt-Equity Raise to Fund Bitcoin Treasury

Source: CoinDesk