Sequans Communications Announces $384 Million Bitcoin Treasury Initiative
Sequans Communications S.A. announced a Bitcoin treasury initiative, planning to invest approximately $384 million in the cryptocurrency. This includes:
- $195 million from equity offerings
- $189 million from convertible secured debt
The investment requires shareholder approval at the June 30 meeting, with a closing expected on July 1. The company will proceed with debt financing only if the equity sale raises at least $195 million.
CEO Georges Karam emphasized the long-term potential of Bitcoin, stating that it could enhance the company's financial resilience and deliver value to shareholders. Sequans will collaborate with Swan Bitcoin for this initiative.
Institutional Activity
MicroStrategy purchased 245 BTC valued at $26 million amid a drop in Bitcoin's price below $100,000. Other entities like Metaplanet and Panther Metals also acquired Bitcoin to increase their reserves.
Spot Bitcoin exchange-traded funds (ETFs) have seen substantial interest, recording net inflows of $46.66 billion since launch.
Market Outlook
Bitcoin is currently trading near $101,252, down 1.5% in the last 24 hours. On-chain data indicates miners are underpaid, but selling pressure remains low, reducing the likelihood of significant sell-offs.