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Sequans Communications S.A. (NYSE: SQNS), a leader in cellular IoT semiconductors and an early corporate adopter of Bitcoin, has unveiled a new “at the market” (ATM) equity offering program. The initiative allows the company to sell American Depositary Shares, each representing ten ordinary shares, for up to $200 million. A prospectus has been filed with the U.S. Securities and Exchange Commission under the company’s shelf registration statement.
CEO Dr. Georges Karam emphasized that the ATM program is directly tied to Sequans’ Bitcoin-focused treasury strategy. “This program is a tool to strengthen our treasury foundation. We plan to use it carefully to optimize reserves, increase Bitcoin per share, and enhance long-term value for shareholders,” Karam said.
The timing and size of any share sales will depend on market conditions. Proceeds from the offering are expected to go primarily toward accumulating more Bitcoin, reinforcing Sequans’ position as one of the first technology firms to formally integrate crypto into its balance sheet.
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A couple days after Fed Chair Jerome Powell’s widely watched Jackson Hole speech feels like a great time for a high-level update — particularly as macro’s effect on crypto markets has increased over time.
We still don’t know what the Fed will do at its Sept. 17 meeting. But to many, Powell’s comments had a dovish tilt, leaving the door open for an interest rate cut next month.
If we look at CME Group’s FedWatch tool — based on 30-Day fed funds futures prices, as of midday Monday — many think a 25-basis point cut is in the cards. The bottom section shows that…
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Japan’s Finance Minister Katsunobu Kato has acknowledged that cryptocurrencies deserve a place in diversified investment portfolios. Speaking at the Web3 Conference WebX 2025 in Tokyo, Kato said that while digital assets carry volatility risks, a proper investment framework can make them a viable option for diversification. He also emphasized the government’s focus on building a sound trading environment to support Japan’s growing base of crypto users.
His remarks come as Japan’s Financial Services Agency (FSA) pushes for a major tax reform on crypto assets. Currently, crypto gains are taxed as miscellaneous income at rates ranging from 15% to 56%, depending on income brackets. The FSA has urged the government to reclassify crypto gains for separate taxation, similar to stocks, with a flat rate of about 20.315%.
The move highlights Japan’s shifting stance toward embracing cryptocurrencies as part of its financial ecosystem. With increasing adoption, regulators are aiming to balance investor protection while encouraging crypto’s role in the broader economy.
..aaaand, we’re back at it again — a misbehaving bitcoin price. Sunday evening bitcoin flash-crash dipped a red candle the size of Jupiter; and more eerily, it kept dropping down on Monday morning, touching below $111,000.
Now, around here in the land of bitcoin price therapy, we say that nobody knows why prices move. But sometimes, we do… though not as well as we would like. Today, I discuss two things: the last 24 hours’ worth of shenanigans and Fed Chairman Jerome Powell’s remarks late last week.
An Unruly Bitcoin Price
Late Sunday (European time) was pretty disgusting:
It’s hard to say “nobody knows” when a chart looks like that; somebody knows…
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Strategy (MSTR) has added another 3,081 bitcoins to its already massive crypto stash, spending $356.9 million at an average price of $115,829 per coin. The company’s total holdings now stand at 632,457 BTC, purchased for $46.5 billion at an average cost of $73,527.
Even with bitcoin plunging to $111,000 in the last 24 hours, the company’s crypto assets are still valued at around $70.2 billion as of Monday morning. The latest purchase was largely funded through $300.9 million raised from sales of common stock, with smaller contributions coming from preferred stock sales.
The move has stirred controversy among some investors after co-founder Michael Saylor revised a prior pledge not to sell common stock below 2.5x mNAV. With Strategy under pressure in recent weeks and mNAV dipping below 2x, critics are questioning the strategy, though the company remains firmly committed to its bitcoin-first approach.
This is a segment from the Empire newsletter. To read full editions, subscribe.
Last week, we spent some time exploring what the rest of the cycle might look like.
Another reason that this time is different: Crypto has never been in a bull market with an agreeable SEC.
How wild this cycle might’ve looked without Gensler at the helm for the first half.
Don’t get me wrong — having a securities regulator back off on stuff like ETFs (bonus points for in-kind redemptions), liquid staking and staking-as-a-service is grand.
But ICOs are the Holy Grail for the crypto space. The job’s not finished until they’re back.
Hester Peirce, the SEC Commissioner who…
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SBI Group has teamed up with blockchain oracle provider Chainlink to drive innovation in the digital asset sector. The partnership aims to advance use cases around tokenized funds, real-world assets such as real estate and bonds, and regulated stablecoins, paving the way for a stronger crypto-powered financial ecosystem in Japan and beyond.
Through this collaboration, SBI and other Japanese financial firms will leverage Chainlink’s technologies, including the Cross-Chain Interoperability Protocol (CCIP), SmartData, and Proof of Reserve. These tools are set to enhance liquidity in secondary markets, improve operational efficiency, and ensure compliance with regulatory and privacy standards. SBI Holdings’ CEO Yoshitaka Kitao highlighted Chainlink’s reliability and interoperability as key drivers of the partnership, emphasizing their shared vision of secure, compliant, cross-border digital transactions.
This is not the first collaboration between the two. Chainlink, SBI Digital Markets, and UBS Asset Management previously worked together under Singapore’s MAS Project Guardian, successfully testing automated fund administration and transfer agency powered by smart contracts—marking another step toward accelerating mainstream adoption of tokenized assets.
Bitcoin’s price retreated below $112,000 as Japan’s Metaplanet announced the purchase of an additional 103 BTC worth approximately $11.7 million, bringing its total holdings to 18,991 BTC valued at roughly $2.2 billion.
The announcement comes as FTSE Russell confirmed Metaplanet’s inclusion in the FTSE Japan Index, upgrading the company from small-cap to mid-cap status in its September 2025 semi-annual review. The index inclusion, set to take effect after market close on September 19, marks a significant milestone for corporate Bitcoin treasury strategies.
“Another important milestone on our journey as Japan’s leading Bitcoin treasury company,” Metaplanet CEO Simon…
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