Northland starts Sequans with an Outperform as bitcoin treasury strategy begins

As previously reported, Northland analyst Mike Grondahl initiated coverage of Sequans (SQNS) with an Outperform rating and $3.50 price target noting that the fabless semiconductor company recently established a bitcoin (BTC) treasury strategy. On July 10, Sequans completed the $384M private placement to fund its new bitcoin treasury initiative, notes the analyst, who says this capital raise “marks a major strategic shift” as the company looks to diversify its balance sheet and pursue long-term value creation beyond its core chip business.