Sequans Files for $200M At-The-Market Equity Program to Potentially Expand Bitcoin Reserves

Sequans has filed an at-the-market (ATM) equity program to raise up to $200 million, earmarking proceeds to expand its Bitcoin reserves as part of a long-term treasury strategy that already holds over 3,000 BTC and targets 100,000 BTC by 2030.

• ATM equity program: up to $200 million to buy Bitcoin

• Sequans already holds more than 3,000 BTC (~$331M) and aims for 100,000 BTC by 2030.

• Recent financing includes $189M in secured convertible debentures and warrants, totaling roughly $376M raised.

Sequans Bitcoin treasury: Sequans files ATM program to raise $200M for Bitcoin buys — read the capital plan and risks; learn next steps.

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Published: 2025-08-26 | Updated: 2025-08-26

Author/Organization: COINOTAG

What is Sequans’ ATM equity program and why does it matter?

Sequans’ ATM equity program is a registration with the SEC allowing the company to issue American Depositary Shares opportunistically to raise up to $200 million. The company intends to direct proceeds primarily to Bitcoin purchases to build a long-term treasury reserve and align corporate capital with Bitcoin exposure.

How will Sequans use the $200 million raise?

Sequans plans to allocate most proceeds to increase its Bitcoin holdings as part of a disciplined treasury strategy. The ATM complements prior financing — $189 million in secured convertible debentures and warrants — bringing total recent proceeds to about $376 million to support BTC accumulation and operational needs.

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How large are Sequans’ current Bitcoin reserves?

Sequans holds more than 3,000 Bitcoin, valued at roughly $331 million at current prices. This places Sequans among Europe’s largest corporate BTC holders, behind Germany’s Bitcoin Group SE. Management cites a long-term target of 100,000 BTC by 2030 as the strategic accumulation goal.

Why is Sequans buying Bitcoin with equity proceeds?

Sequans sees Bitcoin as a strategic treasury asset to diversify corporate reserves and align shareholder value with long-term BTC appreciation. CEO Dr. Georges Karam described the ATM program as a tool to “use it judiciously to optimize treasury,” emphasizing disciplined accumulation over speculative timing.

What are the risks and shareholder implications?

Equity-funded BTC purchases dilute existing shareholders and increase company sensitivity to Bitcoin volatility. Dan Dadybayo, research and strategy lead at Unstoppable Wallet, notes this approach offers leveraged BTC exposure for shareholders while requiring strict operational discipline to manage drawdowns and avoid overextension.

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