Sequans to Raise $384 Million for Bitcoin Treasury Initiative

Telecommunication company Sequans (NYSE:SQNS) plans to raise $384 million to establish a bitcoin treasury. The funding will come from:

$195 million in equity securities
$189 million in convertible secured debentures

CEO Georges Karam stated the strategy is based on their belief in bitcoin as a valuable long-term asset. Sequans has partnered with Swan Bitcoin, a U.S.-based financial services firm specializing in bitcoin, for this initiative.

SQNS shares increased by 14% in pre-market trading, reaching $2.21 per share. This move aligns with recent trends among publicly-listed companies in various sectors, including healthcare and media, that have also begun acquiring bitcoin.

Currently, bitcoin is trading at approximately $101,000, recovering slightly from a decline influenced by geopolitical events.