Quick Summary
- Sequans launches $200M “at the market” equity program to fund its Bitcoin treasury strategy and optimize long-term shareholder value.
- Proceeds will primarily go toward increasing Bitcoin holdings, with timing of share sales dependent on market conditions.
- Filed under SEC Form F-3, the program allows Sequans to issue American Depositary Shares (ADS) at its discretion.
Sequans Communications S.A., the Paris-based semiconductor company pioneering Bitcoin as its primary treasury reserve asset, has unveiled a $200 million “at the market” (ATM) equity offering program to strengthen its long-term Bitcoin strategy.
The company filed a prospectus with the U.S. Securities and Exchange Commission (SEC) on August 25, confirming that the program will allow it to issue American Depositary Shares (ADS), each representing ten ordinary shares, at its discretion over time.
Today, we announced a new “At The Market” equity program to support our long-term Bitcoin treasury strategy. $SQNS
🔗 Learn more: https://t.co/1zEPHOjNy1 pic.twitter.com/gcW62ZMCQQ
— Sequans (@Sequans) August 25, 2025
Supporting Bitcoin Treasury Growth
According to Sequans, proceeds from the ATM program will be directed toward expanding its Bitcoin holdings, a move aligned with its previously announced treasury strategy. Chief Executive Officer Dr. Georges Karam said the offering is designed to optimize the company’s balance sheet while increasing “Bitcoin per share” for investors.
“This program is a tool to support the first phase of establishing our treasury foundation,” Karam stated. “We intend to use it carefully to deliver long-term value to shareholders.”
The company emphasized that the timing and volume of share sales will depend on prevailing market conditions. By leveraging this flexible funding mechanism, Sequans aims to secure capital while maintaining its commitment to Bitcoin as its core reserve asset.
Market and Regulatory Framework
The offering will be conducted under Sequans’ shelf registration statement on Form F-3, already filed with the SEC. The company stressed that the program is not, in itself, an immediate offer to sell securities, but provides the regulatory framework to issue shares if and when market conditions align.
Sequans, listed on the New York Stock Exchange under the ticker SQNS, is among a growing list of public firms directly tying their corporate strategies to Bitcoin accumulation, positioning itself at the intersection of digital assets and traditional markets.
In a separate development, SEC Chairman Paul Atkins signaled a major shift in regulatory tone. Speaking at the Wyoming Blockchain Symposium 2025, Atkins stated that only a limited number of cryptocurrencies should be classified as securities. Unlike his predecessor, he emphasized that classification should depend on how a token is marketed and sold rather than its underlying design—a stance that could reshape the regulatory landscape for digital assets.
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