French IoT chip manufacturer Sequans Communications has just completed a $384 million private financing round on July 8, 2025, to purchase Bitcoin and make it the backbone of its treasury. This is further proof, if any were needed, that companies are increasingly turning to Bitcoin—and now industrialists are following suit.
A hybrid Bitcoin-focused fundraising campaign
Sequans is clearly convinced of Bitcoin’s potential and has decided to invest heavily in it to make it the largest part of its cash reserves. To do so, the French company has just successfully completed a fundraising campaign combining several types of financing. It announced the campaign on June 24 and managed to close at the desired amount.
First, the New York and Paris-listed manufacturer sold 139,444,614 American Depositary Shares (certificates representing its shares and traded in the United States) at $1.40 each. At the same time, the company raised $189 million through convertible bonds
(loans that can be converted into shares in 2028). In addition, there are warrants entitling the company to an additional $57.6 million if all are exercised.
With the closing of this transaction, we will roll out our Bitcoin cash strategy. We are confident that Bitcoin’s unique properties will strengthen our financial resilience and create long-term value for our shareholders.
The purchases will be executed by Swan Bitcoin, a US institutional service provider, which will provide custody, liquidity and monitoring for this transaction.
Sequans follows in the footsteps of Bitcoin leaders
By acquiring a Bitcoin reserve, Sequans is following in the footsteps of other companies, such as Strategy, which now holds nearly 600,000 Bitcoins, worth more than $64 billion at current prices. It must be said that the context is favorable for the world’s first cryptocurrency: the price of Bitcoin is currently hovering around $109,000, less than 3% off its all-time high, while MiCA regulations have come into force for European issuers.
Director Georges Karam, for his part, says he has already considered Bitcoin’s volatility:
Our core business generates sufficient cash flow; the portion allocated to Bitcoin will remain limited and will not hinder our R&D [research and development] investments.
This statement contrasts with the usual caution of an industry such as the semiconductor industry. It must be said that, faced with global economic uncertainty (notably with Donald Trump shaking up international trade and markets with his tariff announcements), several technology companies are beginning to see Bitcoin as a way to diversify their reserves and protect themselves against inflation.
