Sequans Communications (SQNS) has bought another 85 bitcoins for around $10 million, the company announced. This brings its total bitcoin holdings to 3,157 BTC, now worth over $368 million in total investment.

The company paid an average price of $117,360 per bitcoin for this latest purchase. Overall, Sequans has spent an average of $116,708 per bitcoin, including all fees.

Bitcoin as a Treasury Strategy
Sequans, a France-based tech company known for its 5G and 4G chips for Internet of Things (IoT) devices, is one of the few public companies using bitcoin as a long-term treasury reserve asset. It uses money raised from stock and bond sales, profits, and licensing its tech to buy more bitcoin.

The company said it plans to continue buying bitcoin using available funds. It sees the cryptocurrency as a strong long-term investment.

About Sequans
Founded in 2003, Sequans makes wireless chips that help devices like sensors and smart meters connect to the internet. The company has offices around the world, including the U.S., U.K., Switzerland, Israel, Singapore, Finland, Taiwan, and China.

Shares of SQNS were down 0.79% after the announcement.