AsianFin -- Sequans Communications, a Paris-based semiconductor company listed on the New York Stock Exchange, has filed to raise up to $200 million through an at-the-market equity program, with proceeds earmarked primarily for Bitcoin acquisitions as part of its long-term treasury strategy.

The initiative marks the first phase of Sequans’ plan to build its digital-asset treasury foundation. “We intend to use it judiciously to optimize our treasury,” CEO Dr. Georges Karam said in a statement on Tuesday.