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.