Sequans Communications, a developer of IoT semiconductors, plans to raise $384 million to establish a Bitcoin treasury. This initiative reflects a growing trend among companies using Bitcoin as a reserve asset, with the number of firms holding Bitcoin recently increasing to 240, controlling around 4% of the total Bitcoin supply. Sequans intends to issue approximately $195 million in equity and $189 million in convertible debentures, which can be converted to shares. The company is partnering with Swan Bitcoin, a treasury management provider, to implement this strategy. George Karam, CEO of Sequans, emphasized their strong belief in Bitcoin as a premier asset and long-term investment. However, despite this interest, some major companies have refrained from adding Bitcoin to their treasuries due to concerns about its volatility and regulatory issues. MicroStrategy remains the largest corporate holder of Bitcoin, with 592,345 BTC valued at around $60.2 billion. Companies exploring Bitcoin treasuries are experiencing a shift described by Adam Back of Blockstream, who noted it as a new kind of alt-season in the market.

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