French Bitcoin treasury company Sequans Communications moved 970 Bitcoin (BTC) worth about $111 million to Coinbase Prime on Oct. 28, according to data from Arkham Intelligence.

As of Oct. 6, Sequans held 3,234 BTC. Following the latest transfer, the Sequans-labeled wallet now holds 2,264 BTC, valued at approximately $255 million.

The Paris-based semiconductor firm, backed by the French government, launched its Bitcoin accumulation strategy in early July, shortly after raising $384 million through a mix of debt and equity private placements to fund the initiative.

In August, Sequans announced plans to acquire up to 100,000 BTC by 2030, with 2025 designated as a key year for expanding its holdings through public capital raises.

Sequans (SQNS) shares rose 4.5% at Tuesday’s close, according to Yahoo Finance. The stock has plunged over 85% from its July peak at around $54.