IoT Chipmaker Joins Corporate Bitcoin Movement

Sequans Communications announced plans to raise $384 million through equity sales and convertible debt to establish a Bitcoin treasury. The Paris-based semiconductor firm specializing in IoT solutions revealed the strategic move on June 23, partnering with Swan Bitcoin for treasury management services. This positions Sequans among 【240 companies】 now holding Bitcoin reserves, a figure that has nearly doubled since May 2025.

Funding Structure and Market Context

The capital raise includes $195 million in new equity and $189 million in convertible notes. CEO Georges Karam stated the decision reflects "long-term conviction in Bitcoin's value proposition" as both an inflation hedge and appreciating asset. The announcement follows similar moves by Nakamoto Holdings ($51.5M raise) and Metaplanet's recent 1,111 BTC purchase, bringing corporate-controlled BTC to approximately 【4%】 of total supply.

Industry Reactions and Emerging Trends

Blockstream CEO Adam Back characterized the trend as "alt-season for corporate treasuries," suggesting companies are reallocating from traditional assets to Bitcoin. Data from BitcoinTreasuries.NET shows the number of BTC-holding firms grew from 124 to 240 within weeks. However, tech giants like Amazon and Microsoft continue avoiding crypto reserves due to volatility concerns and regulatory uncertainty.

Risk Analysis and Market Leaders

——Michael Saylor's MicroStrategy remains the dominant player—— with 592,345 BTC ($60.2B) acquired through aggressive debt financing. While Sequans' move signals growing mainstream acceptance, analysts note corporate Bitcoin strategies carry unique risks. Treasury allocations typically prioritize capital preservation, whereas BTC exposure introduces speculative elements that could impact shareholder value during market downturns.

Regulatory Landscape and Future Outlook

The SEC's recent clarification on crypto accounting standards (FASB Update 2023-08) has removed a major adoption barrier. However, jurisdiction-specific regulations remain fragmented, particularly for cross-border semiconductor firms like Sequans. Market observers suggest the next wave of corporate adoption may come from Asian tech firms, with Japanese companies already leading per capita BTC holdings.