Summary
- Sequans Communications announced it has purchased 370 Bitcoins as part of its Bitcoin treasury strategy.
- The purchase was made using part of the funds raised through a common stock and convertible bond offering.
- The company plans to reserve over 3,000 Bitcoins in the future, emphasizing trust in Bitcoin as a long-term store of value.
US Nasdaq-listed IoT semiconductor company Sequans Communications has formally launched its Bitcoin (BTC) treasury strategy.
On the 10th (local time), Sequans Communications announced, "As part of our Bitcoin treasury strategy, we have purchased 370 Bitcoins," adding, "We used part of the proceeds raised from the recently closed common stock and convertible bond offerings on the 7th." Sequans recently secured $384 million in new capital from over 40 institutional investors to stockpile Bitcoin.
Sequans Communications appears likely to make additional Bitcoin purchases soon. Georges Karam, CEO of Sequans Communications, stated, "We have executed a strategic plan to reserve more than 3,000 Bitcoins in the coming weeks," adding, "This plan reflects our firm belief in Bitcoin as a long-term store of value (SoV)."
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