Sequans Sells Final 314 BTC, Fully Exits Bitcoin Treasury Strategy

Sequans Communications has sold its remaining 314 Bitcoin, completing a full exit from a Bitcoin treasury strategy that once saw the French semiconductor company hold more than 3,200 BTC. The company announced on Thursday that the liquidation followed the May redemption of its convertible debt and enables management to refocus on its core cellular IoT and software-defined radio businesses. CEO Georges Karam said Bitcoin sales were used to eliminate the company's convertible debt and strengthen its balance sheet, leaving Sequans with zero cryptocurrency holdings and no outstanding debt beyond government-financed R&D obligations.

The France-based chipmaker launched its Bitcoin treasury strategy in June 2025 alongside a $384 million sale of equity securities and convertible secured debentures. At the time, Karam called Bitcoin "a premier asset and a compelling long-term investment." The reversal came quickly: less than six months later, in November, Sequans sold 970 BTC to redeem half its convertible debt. By May 2026, the company confirmed it was "no longer pursuing" the treasury approach and would monetize its remaining Bitcoin over time.

Sequans is part of a broader wave of digital asset treasury companies scaling back or fully unwinding their Bitcoin positions in 2026 amid a prolonged crypto bear market. In late July, VanEck's head of digital assets research Matthew Sigel identified at least nine firms that had fully liquidated or abandoned their Bitcoin and crypto treasury strategies during the year. UK-listed Satsuma Technology marked one of the most dramatic reversals, with shareholders voting to return substantially all capital and cancel its listing roughly a year after raising £100 million ($135 million) for a Bitcoin treasury push, followed by the sale of its entire 669 BTC position. Bitdeer, Genius Group, and Prenetics have also fully liquidated their holdings, while MARA Holdings and Empery Digital have made substantial sales without abandoning their treasury strategies altogether.