Sequans (SQNS) Adopts Bitcoin for Treasury Reserves

Sequans Communications S.A. (NYSE:SQNS) is one of the 11 Best Semiconductor Penny Stocks to Buy According to Hedge Funds. On July 10, Sequans Communications S.A. (NYSE:SQNS) announced that it has acquired 370 Bitcoins. This purchase is part of the company’s newly launched Bitcoin treasury strategy.

This acquisition was funded by Sequans Communications S.A.’s (NYSE:SQNS) recent offering of ordinary shares and convertible debentures.

According to the CEO, Georges Karam, Sequans Communications S.A. (NYSE:SQNS) plans to strategically accumulate more than 2,000 Bitcoins in the coming weeks. The company sees Bitcoin as a good long-term store of value for its shareholders.

On July 14, Sequans Communications S.A. (NYSE:SQNS) reported it acquired an additional 683 Bitcoins for about $79 million. After this purchase, the company had acquired a total of 1,053 Bitcoins for approximately $120 million.

Sequans Communications S.A. (NYSE:SQNS) is a semiconductor company that specializes in wireless cellular technology for the Internet of Things (IoT). The company has adopted Bitcoin as a primary treasury reserve asset as part of its long-term financial strategy.

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Disclosure: None. This article is originally published at Insider Monkey.