French semiconductor designer Sequans Communications has filed with the U.S. Securities and Exchange Commission for an at-the-market equity program that would allow it to sell as much as $200 million in American Depositary Shares. The Paris-based company said the proceeds will be used primarily to enlarge its Bitcoin treasury. Sequans already holds more than 3,000 Bitcoin, worth about $331 million at current prices, and has set an ambitious goal of accumulating 100,000 coins by 2030. The new facility follows the $189 million the firm raised in July through secured convertible debentures and warrants, lifting its recent financing total to roughly $376 million. Chief Executive Officer Dr. Georges Karam said the share-sale authority will be employed "judiciously to optimize treasury." Analysts note that equity-funded Bitcoin purchases could dilute existing shareholders and heighten the company’s exposure to the cryptocurrency’s price swings, but also position Sequans as one of Europe’s most aggressive corporate adopters of digital assets.