Roughly 240 companies now hold Bitcoin in their treasuries, nearly doubling from 124 just weeks ago. Combined, they control around 4% of the total BTC supply.
Sequans Communications, a developer of IoT semiconductors and modules, has disclosed plans for a $384 million capital raise to fund its strategic Bitcoin treasury. The move comes as more companies are betting on Bitcoin (BTC) and using the world’s largest cryptocurrency as a reserve asset.
According to the company, it plans to issue and sell approximately $195 million in equity and $189 million in convertible debentures, which can later be converted into shares. For the endeavor, Sequans is partnering with Swan Bitcoin, a BTC treasury management provider.
“Our bitcoin treasury strategy reflects our strong conviction in bitcoin as a premier asset and a compelling long-term investment,” Georges Karam, CEO of Sequans, said in a statement.
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