French semiconductor company Sequans Communications has made significant moves in the cryptocurrency space by transferring 970 Bitcoin (BTC) to Coinbase Prime, a transaction valued at approximately $111 million. This development took place on October 28, as reported by Arkham Intelligence. Prior to this transfer, Sequans held a total of 3,234 BTC. Following the recent deposit, the company’s Bitcoin wallet is now down to 2,264 BTC, which is worth around $255 million at current market rates.
Sequans, based in Paris and supported by the French government, initiated a Bitcoin accumulation strategy in early July after successfully raising $384 million through various debt and equity placements. This funding is aimed at supporting their ambitious goal to acquire up to 100,000 BTC by the year 2030. The firm designated 2025 as a particularly pivotal year, with plans to grow its holdings through public capital raises.
In addition to these cryptocurrency maneuvers, Sequans’ stock (SQNS) saw an uptick of 4.5% at market close on Tuesday. However, it’s worth noting that the stock has seen a dramatic decline of over 85% from its July peak of approximately $54.
As the company pushes forward with its Bitcoin strategy, it remains to be seen how this will impact its long-term growth and stability in both the semiconductor and cryptocurrency markets.
