Telecommunication company Sequans (NYSE:SQNS) has revealed plans to raise $384 million to initiate a bitcoin treasury, as stated in a press release.

The funds will come from issuing $195 million in equity securities and $189 million in convertible secured debentures.

“Our bitcoin treasury strategy reflects our strong conviction in bitcoin as a premier asset and a compelling long-term investment,” said Georges Karam, CEO of Sequans.

Sequans has partnered with Swan Bitcoin, a U.S.-based company focused on bitcoin-only financial services, to assist in deploying its treasury strategy.

SQNS shares rose by 14% in pre-market trading, reaching $2.21 per share.

The move to establish a bitcoin treasury follows trends seen among various publicly-listed companies in recent weeks, including firms from the healthcare, mining, and media sectors that have begun acquiring bitcoin. Currently, the value of bitcoin hovers around $101,000.