French semiconductor maker Sequans Communications said on 23 June it plans to raise about $384 million to establish a dedicated Bitcoin treasury.
French semiconductor maker Sequans Communications said on 23 June it plans to raise about $384 million to establish a dedicated Bitcoin treasury, positioning itself as the latest Paris-listed company to move cash reserves into the cryptocurrency. Shares in Sequans, which trades on Nasdaq under the ticker SQNS, climbed roughly 7.8% in pre-market dealings after the announcement.
Sequans, a supplier of 5G and IoT chips, did not specify how the capital would be raised but indicated that proceeds will be used to purchase Bitcoin and fund related treasury operations.
The announcement follows similar steps by fellow French firm The Blockchain Group. Earlier in June, the company raised €9.7 million through an equity placement and BTC-denominated convertible bonds, then on 18 June spent €17 million to buy 182 Bitcoin. That purchase lifted its holdings to about 1,653 coins valued at roughly €150 million.
The successive moves highlight a growing appetite among French corporates to treat Bitcoin as a long-term treasury asset.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
