Telecommunication firm Sequans (NYSE:SQNS) has introduced that it’s going to increase $384 million to launch a bitcoin treasury, in keeping with a press release.
The corporate has agreed to problem and promote $195 million in fairness securities and $189 million in convertible secured debentures.
“Our bitcoin treasury technique displays our robust conviction in bitcoin as a premier asset and a compelling long-term funding,” stated Georges Karam, CEO of Sequans.
Sequans chosen U.S.-based bitcoin-only monetary providers agency Swan Bitcoin as a accomplice to help with its treasury technique.
SQNS shares are up 14% in pre-market trading, altering arms at $2.21 per share.
The choice to undertake a bitcoin treasury follows within the footsteps of a number of publicly-listed corporations of late, with healthcare, mining and media companies all buying bitcoin in current weeks.
Bitcoin is at present buying and selling at about $101,000, modestly bouncing from its panicky decline over the weekend following the U.S. strikes towards Iran.