Sequans Launches $200M ATM Program to Fund Bitcoin Accumulation as Treasury Strategy

Sequans Communications S.A. (NYSE: SQNS), a cellular semiconductor company that has adopted bitcoin as its primary treasury reserve asset, announced an “at the market” equity offering program under which it may offer and sell American Depositary Shares (each representing ten ordinary shares) for up to $200 million.

The ATM program will be conducted under a shelf registration on Form F‑3 filed with the SEC on August 25, 2025, and the prospectus is available on the company and SEC websites. Sequans said sales under the ATM Program will occur at its discretion and be driven by market conditions and other factors, with net proceeds expected to be used primarily to continue accumulating bitcoin as part of its treasury strategy. CEO Dr. Georges Karam described the ATM as a tool to support the first phase of establishing the company’s treasury foundation and said it will be used judiciously to optimize the treasury and increase bitcoin per share.