Why STRUGGLING companies buy bitcoin
>Three months ago, Georges Karam had never considered for a moment that his semiconductor company might start buying bitcoin.
>Shares of his New York-listed business had been struggling for some time when Karam read about a healthcare company that had bought the digital currency and seen its stock price soar.
>The French chief executive says he began reading about bitcoin and became “intrigued”. After a failed deal spooked investors, he says, “I was looking for ways to unlock the value of the company.”
>Karam spoke to his board and some investors, and decided to launch a bitcoin strategy. >Sequans Communications raised $384mn from debt and equity markets to spend on buying the world’s most popular token. Its share price surged 160 per cent on the news.
>“I could not say this last year but today I’m a big believer...I’m 100 per cent convinced today that bitcoin is here to stay,” Karam says.
>Shares of his New York-listed business had been struggling for some time when Karam read about a healthcare company that had bought the digital currency and seen its stock price soar.
>The French chief executive says he began reading about bitcoin and became “intrigued”. After a failed deal spooked investors, he says, “I was looking for ways to unlock the value of the company.”
>Karam spoke to his board and some investors, and decided to launch a bitcoin strategy. >Sequans Communications raised $384mn from debt and equity markets to spend on buying the world’s most popular token. Its share price surged 160 per cent on the news.
>“I could not say this last year but today I’m a big believer...I’m 100 per cent convinced today that bitcoin is here to stay,” Karam says.
