Semiconductor firm Sequans Communications has announced a sweeping $384 million capital initiative aimed at building a significant Bitcoin treasury, as corporate interest in BTC reaches new heights. Known for its IoT-focused chip designs, the France-based company plans to raise funds through a combination of $195 million in equity offerings and $189 million in convertible debentures.
Sequans has partnered with Swan Bitcoin, a dedicated crypto treasury management platform, to oversee the acquisition and custody of its Bitcoin reserves. CEO Georges Karam described the move as part of a strategic pivot toward long-term digital asset allocation, citing “a strong conviction in Bitcoin’s value as a premier reserve asset.”
The announcement places Sequans in the company of a growing cohort of firms seeking to diversify their balance sheets with Bitcoin. Over 240 public companies now hold BTC—up from just 124 earlier this year—collectively accounting for around 4% of all circulating supply. Sequans’ news closely follows treasury expansions by Nakamoto Holdings, which raised $51.5 million, and Metaplanet, which added 1,111 BTC to its reserves earlier this week.
Adam Back Declares New “Alt Season”—Led by Bitcoin
Blockstream CEO and renowned cypherpunk Adam Back has weighed in on the trend, suggesting that a new kind of “alt-season” may be underway—one not driven by speculative altcoins, but by institutional Bitcoin accumulation.
In a post on X, Back wrote, “Time to dump ALTs into BTC or BTC treasuries,” signaling a shift in focus from volatile altcoins to Bitcoin as a strategic reserve play. His comments underscore the growing conviction among corporate leaders that Bitcoin may now be the most reliable long-term store of value in the crypto ecosystem.
The spike in corporate participation—reflected in the doubling of Bitcoin-holding public firms in just weeks—suggests that BTC is increasingly viewed less as a speculative asset and more as a hedge against fiat debasement and economic instability.
Tech Giants Remain Cautious Amid Bitcoin Rush
Despite the surge in Bitcoin treasury strategies, major tech firms such as Amazon, Meta, and Microsoft remain on the sidelines. These companies continue to cite concerns around price volatility, regulatory ambiguity, and fiduciary responsibility as key barriers to adoption.
For conservative treasury managers, Bitcoin’s sharp price fluctuations and lack of clear legal classification—particularly in the U.S.—pose potential risks to shareholder capital preservation. As such, many blue-chip firms have opted to wait for further regulatory clarity or greater asset maturity before committing funds to BTC.
That caution stands in contrast to MicroStrategy, which continues to double down on Bitcoin. Led by Michael Saylor, the company has transformed into a de facto Bitcoin holding vehicle, amassing over 592,345 BTC—currently valued at more than $60.2 billion. The firm frequently issues convertible debt to fund new BTC purchases, showcasing one of the most aggressive corporate crypto strategies on record.
Quick Facts
- Sequans Communications is raising $384M to build a Bitcoin treasury, with help from Swan Bitcoin.
- Over 240 public companies now hold BTC, up from 124 earlier this year.
- Adam Back called this trend a new kind of “alt-season” focused on Bitcoin accumulation.
- Tech giants like Amazon and Meta still avoid BTC, citing volatility and unclear regulations.
