French semiconductor company Sequans Communications has filed for a $200 million at-the-market equity offering, aiming to boost its Bitcoin treasury strategy. The company aims to acquire a total of 100,000 Bitcoin by 2030. The offering will enable Sequans to issue American Depositary Shares at its discretion, which can enhance its treasury position and add Bitcoin value per share. Currently, Sequans holds 3,171 Bitcoin worth approximately $349 million, ranking as Europe’s second-largest corporate Bitcoin treasury. Following its initial announcement on June 23, the number of public companies holding Bitcoin has grown, now totaling 174. The timing of the share sales will depend on market conditions, with the proceeds primarily aimed at accumulating more Bitcoin. At current prices, the offering could secure an additional 1,814 BTC, pushing Sequans' total to nearly 5,000 BTC. Recent trends show corporate Bitcoin acquisitions slowing as Ether treasuries gain attention, with companies shifting to significant ETH holdings instead.

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