Telecommunication company Sequans (NYSE:SQNS) has announced that it will raise $384 million to launch a bitcoin treasury, according to a press release.
The company has agreed to issue and sell $195 million in equity securities and $189 million in convertible secured debentures.
“Our bitcoin treasury strategy reflects our strong conviction in bitcoin as a premier asset and a compelling long-term investment,” said Georges Karam, CEO of Sequans.
Sequans selected U.S.-based bitcoin-only financial services firm Swan Bitcoin as a partner to assist with its treasury strategy.
SQNS shares are up 14% in pre-market trading, changing hands at $2.21 per share.
The decision to adopt a bitcoin treasury follows in the footsteps of several publicly-listed companies of late, with healthcare, mining and media companies all acquiring bitcoin in recent weeks.
Bitcoin is currently trading at about $101,000, modestly bouncing from its panicky decline over the weekend following the U.S. strikes against Iran.
Discover more from Stay Updated Finance News
Subscribe to get the latest posts sent to your email.
