Wireless chipmaker Sequans Communications has significantly increased its Bitcoin investment, acquiring an additional 1,264 BTC for approximately $150 million.
This purchase elevates the company’s total Bitcoin holdings to 2,317 BTC, acquired at an average cost of $116,493 per coin.
The strategic move to deepen its exposure to digital assets coincided with notable volatility in the company’s stock price. Sequans’ shares experienced a nearly 50% decline during the preceding week and fell 9.09% before a subsequent 15.19% rebound in after-hours trading.
Sequans’ Bitcoin accumulation is supported by a $384 million private funding initiative, aligning with growing investor interest in blockchain-based assets as diversification tools.
Despite holding Bitcoin assets valued significantly above their acquisition cost, the company’s market capitalization remains around $100 million, reflecting mixed investor sentiment towards corporate cryptocurrency adoption initiatives.