Global semiconductor leader, Sequans Communications, has recently made headlines with its impressive acquisition of 1,264 Bitcoin (BTC) for a remarkable total of $150 million, averaging around $118,659 each. With this strategic move, Sequans has bolstered its overall BTC holdings to an impressive 2,317 BTC.
Sequans Enhances Bitcoin Asset Portfolio
Announcing this significant purchase earlier today, Sequans Communications, a firm listed on the New York Stock Exchange (NYSE), now boasts a total BTC portfolio valued at $116,493 per Bitcoin, inclusive of transaction costs. This bold acquisition marks a pivotal moment for the company, aligning with its broader financial strategy.
Recently, Sequans secured $384 million through a private placement aimed at supporting its expanding Bitcoin treasury initiative. CEO Georges Karam highlighted that this strategic decision is fundamental to strengthening the company’s financial health and exploring long-term opportunities in the cryptocurrency landscape.
Details of the acquisition reveal it involved the sale of $195 million in American depository shares (ADS), alongside warrants priced at $1.40 and $189 million of five-year secured convertible debentures offered at a 4% discount.
Following the announcement, Sequans’ stock saw a boost of 8.2%, with shares trading at $2.89. However, it’s noteworthy that the stock is still down 12.5% year-to-date (YTD).
This acquisition positions Sequans Communications as a major player in the realm of publicly traded companies with substantial BTC reserves. Notably, according to CoinGecko statistics, only 17 companies worldwide have amassed more than 2,000 BTC in their financial portfolios.
Leading the pack is Michael Saylor’s Strategy, which recently reported an additional purchase of 6,220 BTC valued at nearly $740 million. Currently, the total BTC held by Strategy stands at an astounding 607,770 BTC, with an average acquisition price of approximately $71,756 per Bitcoin.
Other notable corporations in the top ten Bitcoin holders encompass MARA Holdings, Riot Platforms, XXI, Metaplanet, Galaxy Digital Holdings, Tesla, and Coinbase. Prominent Bitcoin mining firms like CleanSpark Inc. and Hut 8 Mining Corp also make the list.
A Wave of Institutional Bitcoin Investments
The previous week witnessed a remarkable surge in Bitcoin investment activities, with at least 58 public announcements regarding BTC purchases from institutional investors reported from July 14 to July 19 alone.
For instance, Japanese company Metaplanet disclosed its acquisition of 797 BTC, raising its total holdings to 16,352 BTC. Similarly, Nasdaq-listed Semler Scientific announced its acquisition of 210 BTC last week.
This enthusiasm for Bitcoin seems to extend beyond traditional markets in the United States and Asia, as Canadian firms are now beginning to integrate BTC into their treasury management strategies. This trend might accelerate if the current market dynamics continue. As of the latest update, Bitcoin is trading at $118,933, reflecting a 0.5% increase in the last 24 hours.
