After partnering with Swan Bitcoin for treasury management, Sequans now aligns itself with firms like Metaplanet and Nakamoto Holdings, which have aggressively increased their Bitcoin holdings. Metaplanet bought another 1,111 BTC this week, boosting its total to 11,111 and bringing it within reach of Tesla’s 11,509 BTC. The corporate Bitcoin adoption trend is gaining global momentum, with firms in Norway, France, and South Korea also jumping in. Meanwhile, Adam Back, the CEO of Blockstream, has dubbed this trend “the new alt season,” and encouraged speculators to shift funds from altcoins into Bitcoin or shares of Bitcoin-holding companies. He believes this wave is a precursor to hyperbitcoinization and a potential $200 trillion Bitcoin market. Despite criticisms from traditional firms like Meta and Microsoft, the enthusiasm surrounding corporate Bitcoin treasuries suggests that there is a transformative shift in how companies view asset diversification and long-term value preservation. Sequans Pushes Into Bitcoin Sequans Communications announced a bold move to raise $384 million to establish a strategic Bitcoin treasury, joining a growing wave of companies betting on Bitcoin as a reserve asset. The IoT semiconductor and module developer plans to raise approximately $195 million through an equity issuance and $189 million via convertible debentures, which could later be converted into company shares. To support this initiative, Sequans is partnering with Swan Bitcoin, a firm that specializes in Bitcoin treasury management. Announcement from Sequans The company's CEO, Georges Karam, explained the long-term investment thesis behind the decision, and called Bitcoin a ”premier asset.” This aligns Sequans with the rising trend among corporations looking to diversify their treasuries with Bitcoin holdings. Just in the past few days, firms like Nakamoto Holdings and Metaplanet expanded their Bitcoin reserves. Data from BitcoinTreasuries.NET shows that over 240 companies now hold Bitcoin on their balance sheets, which is almost double from several weeks ago. Collectively, these firms control roughly 4% of the total Bitcoin supply. Bitcoin holdings (Source: BitcoinTreasuries.NET ) However, the strategy is not without its critics. Major corporations like Amazon, Meta, and Microsoft steered clear of Bitcoin treasury allocations, due to its notorious volatility and the still changing regulatory landscape. For these firms, preserving capital is a priority, and the risk profile of Bitcoin doesn't align with more traditional treasury management objectives. Despite these concerns, Michael Saylor’s Strategy is still a benchmark in the corporate Bitcoin landscape. With a stash of 592,345 BTC valued at over $60 billion, the company continues to lead in corporate Bitcoin accumulation, often leveraging convertible debt to fund its acquisitions. Now that Sequans joined the ranks of Bitcoin-holding companies, the trend of corporate adoption could reshape how institutions approach treasury diversification. Metaplanet Buys 1,111 More BTC Metaplanet, which is Japan’s leading corporate holder of Bitcoin, also announced on Monday that it bought an additional 1,111 BTC , pushing its total holdings to 11,111 Bitcoin. The acquisition was shared in a regulatory filing , and puts the company within close range of Tesla’s 11,509 BTC. The latest purchase cost the company approximately 17.26 billion Japanese yen, or about $117 million, with an average purchase price just below $105,500 per coin. Although Bitcoin was trading slightly lower at just under $102,000 at the time of the announcement, Metaplanet’s overall average cost basis is still favorable at $95,560 per Bitcoin, keeping the firm well-positioned even in the face of short-term market fluctuations. This move happened after Metaplanet’s previous acquisition of 1,112 BTC just one week earlier, which brought its holdings to 10,000 BTC and cemented its place as the eighth-largest corporate Bitcoin holder. After briefly slipping to ninth due to an increase in holdings by mining company Hut 8, Metaplanet now regained its eighth-place standing . Top 10 largest Bitcoin treasury companies (Source: BitcoinTreasuries.NET ) Tesla is the next target in the rankings, with only 398 more BTC than Metaplanet. This gap could be closed in the coming weeks given the company’s recent momentum. Above Tesla, the next holder is CleanSpark, with 12,502 BTC. Metaplanet’s aggressive accumulation is also part of the broader trend among public companies adopting Bitcoin treasury strategies. Parataxis Holdings also entered the space with the launch of a Bitcoin-native treasury platform aimed at the South Korean public market. In Norway, K33 recently announced plans to raise approximately $8.9 million to purchase up to 1,000 BTC. Meanwhile, the Norwegian Block Exchange saw its stock price soar by more than 138% after declaring its intent to hold Bitcoin on its balance sheet. France-based The Blockchain Group also joined the movement by acquiring 182 BTC for around $19.6 million. As more companies embrace Bitcoin as a strategic reserve asset, the trend appears to be gaining unstoppable momentum. Bitcoin Treasuries Are the New Alt Season Adam Back, the CEO of Blockstream and inventor of Hashcash, believes the growing trend of public companies adopting Bitcoin treasuries has become the new altcoin season for speculators. On Monday, he stated that “Bitcoin treasury season is the new ALT SZN,” and encouraged investors to move funds from altcoins into Bitcoin or shares of companies accumulating Bitcoin. According to Back, firms are acquiring BTC aggressively, often through methods like convertible note offerings, to increase their Bitcoin per share. This is a strategy that is drawing the attention of market participants looking for stronger exposure to Bitcoin. His comments come during a huge wave of corporate Bitcoin adoption, with the number of public companies holding BTC doubling since June 5. Back sees this trend as a precursor to “hyperbitcoinization,” a scenario where Bitcoin replaces fiat currencies as the dominant global financial system. He previously suggested this shift could turn Bitcoin into a $200 trillion market opportunity, led by treasury-heavy institutions and early government adopters. While the trend is accelerating, it also introduces some risks. For example, Metaplanet saw its Bitcoin premium soar to over $596,000 in late May, indicating that shareholders were paying more than five times the market value of Bitcoin through its stock. This raised questions about the speculative overvaluation of such companies. Nonetheless, Back firmly believes that Bitcoin-focused firms may provide a way out for investors who have suffered losses in altcoins. In a response on X , he suggested that switching to Bitcoin via treasury companies could help these investors recoup some of their altcoin-related losses. Even though altcoins have struggled to gain momentum, some are also seeing institutional traction. Interactive Strength , a Nasdaq-listed fitness equipment company, disclosed its intent to raise $500 million to start a token treasury centered on Fetch.ai. This means that the concept of crypto treasuries is expanding beyond just Bitcoin.
