French semiconductor producer Sequans Communications announced the purchase of 370 Bitcoin (BTC) as part of its financial diversification and treasury management strategy.
The Paris-based company initiated its Bitcoin treasury plans using funds raised from a recent issuance of shares and convertible bonds. CEO Georges Karam expressed excitement about the strategic move, stating that Sequans aims to accumulate a total of 3,000 Bitcoin in the coming weeks, highlighting their confidence in Bitcoin as a long-term store of value for shareholders.
For the secure custody of its digital assets, Sequans Communications selected one of the leading U.S.-based crypto custody platforms, renowned for its professional custody and management solutions tailored specifically for institutional clients.
Following the Bitcoin investment announcement, Sequans Communications' shares rose by 2% in pre-market trading, reflecting positive investor sentiment.
