Sequans Communications’ (SQNS) surged more than 40% after the wireless-chip designer closed a $384 million private placement with plans to spend the bulk of that in bitcoin (BTC).

The deal combined a $195 million sale of American depositary shares (ADS) and warrants at $1.40 with $189 million of five-year secured convertible debentures priced at a 4% discount, according to a press release.

The France-based company's ADSs rose to $2.01 on Nasdaq after the announcement.

Investors can convert at $2.10 per American depositary share and, if all warrants are exercised, Sequans could net another $57.6 million, with the funds also being earmarked for bitcoin purchases.

CEO Georges Karam said the company sees the asset enhancing its financial resilience and creating long-term value. Sequans designs low-power 4G and 5G modems used in smart meters, asset trackers and industrial sensors.

Swan Bitcoin will source and custody the coins while Northland Capital Markets and B. Riley Securities handled the financing.

The move sees Sequans join a growing list of publicly traded firms adopting bitcoin as their primary treasury reserve asset. A total of 852,309 BTC are currently held by these firms, according to Bitcointreasuries data.

The bulk of those coins are held by Strategy (MSTR), which has 597,325 BTC on its balance sheet. It’s followed by MARA Holdings ( MARA ) with 50,000 BTC and XXI, with 37,230 BTC.