Government-backed chipmaker races past 3,000 BTC in push for 100k Bitcoin target

Sequans Communications has accelerated the build-out of its newly launched Bitcoin treasury, acquiring more than 3,000 BTC in less than a month as part of a plan to hold 100,000 BTC by 2030.

The Paris-based, government-backed Internet of Things semiconductor company began executing the strategy in July, following a $384 million capital raise announced in late June to fund Bitcoin purchases.

According to company statements, the initial financing included $195 million in equity and $189 million in convertible debentures. The capital is being deployed in phases, with purchases handled through a partnership with Swan Bitcoin, which is providing execution and treasury management services. Sequans has said the program will use a mix of new capital raises, operational cash flow, and financial instruments to build its holdings over the next five years.

The company’s first purchase, on July 10, was 370 BTC. Subsequent acquisitions brought the total to 2,317 BTC by July 18. Sequans added 755 BTC late in the month, followed by another 85 BTC valued at roughly $10 million, pushing its reserves to approximately 3,171 BTC. The company has not disclosed a fixed purchase schedule, and filings describe a flexible, incremental approach rather than lump-sum acquisitions.

Sequans describes Bitcoin as a long-term reserve asset intended to enhance its balance sheet resilience. Its decision to build such a position marks one of the largest public commitments to Bitcoin by a non-financial corporation, particularly in Europe. The company’s state backing introduces a geopolitical dimension, though no regulatory response has been announced.

Market reaction to the strategy was immediate. Following the June announcement of its treasury plan and funding, Sequans’ shares rose more than 30%, according to Investopedia. The surge mirrored past market responses to other public companies adding Bitcoin to their balance sheets, though Sequans’ core business is unrelated to financial services or crypto.

The expansion of Sequans’ holdings comes during a period of market volatility, with large liquidations hitting Bitcoin and other major assets in recent weeks.

The company has continued accumulating despite short-term price swings, signaling commitment to its 2030 target. It has not provided updated guidance on future purchase timing but has reiterated its intention to reach the 100,000 BTC goal through phased execution.

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