Sequans Sells Final 314 Bitcoin and Ends Treasury Strategy

French semiconductor company Sequans Communications has sold its final 314 Bitcoin, completing its exit from a crypto treasury strategy that less than a year earlier envisioned eventually accumulating as much as 100,000 BTC.

Sequans confirmed the final sale on September 24. The 314 BTC represented the company’s entire remaining cryptocurrency balance as of June 30.

The company now has no Bitcoin on its balance sheet and no outstanding debt other than obligations connected to government-financed research and development projects. Sequans said the proceeds from its remaining Bitcoin were monetized as part of a broader effort to strengthen cash reserves and simplify its capital structure.

Bitcoin traded near $84,400 on September 25, up roughly 10% over seven days.

Treasury Strategy Lasted Little More Than a Year

Sequans launched its Bitcoin strategy in June 2025 with a $384 million financing combining approximately $195 million of equity with $189 million of convertible secured debt.

CEO Georges Karam said at the time that the strategy reflected the company’s:

strong conviction in bitcoin as a premier asset and a compelling long-term investment.

Purchases accelerated quickly. Sequans held 3,171 BTC by August 2025 after adding another 13 Bitcoin and subsequently announced a target of accumulating 100,000 BTC by 2030.

The first major reversal arrived in November 2025, when Sequans sold 970 BTC to redeem half of its convertible debt. The transaction reduced outstanding convertible debt from $189 million to $94.5 million while cutting Bitcoin holdings from 3,234 BTC to 2,264 BTC.

At that point, Karam said Sequans’ conviction in Bitcoin remained unchanged and described the sale as a tactical capital-allocation decision. The financing structure later became an example in wider concerns over convertible debt used by corporate Bitcoin treasuries.

Debt Redemption Accelerated Bitcoin Exit

Sequans made the shift permanent in May 2026 when it redeemed all remaining convertible debt using proceeds from additional Bitcoin sales.

The company retained approximately 658 unrestricted BTC after that transaction but formally ended its digital asset treasury strategy and said the remaining holdings would be monetized over time.

By June 30, Sequans had reduced the position to 314 BTC and held $21 million in cash. Bitcoin sales during the second quarter produced a $5.3 million realized net gain while helping finance debt redemption and increase cash reserves.

Sequans will now direct its capital toward its 4G and 5G cellular IoT semiconductor business, 5G eRedCap development and software-defined radio products. Product revenue increased 83.7% year over year in the second quarter, while its six-month product backlog more than tripled from the previous year.

The exit moves Sequans in the opposite direction from companies still expanding Bitcoin reserves. Strategy added another 950 BTC this week, raising its holdings to 846,000 BTC.

Sequans’ balance sheet now contains no cryptocurrency and no convertible debt, closing a treasury strategy that began with its first 370 BTC purchase in July 2025.

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