Sequans Communications has closed the book on its Bitcoin treasury experiment, selling the last 314 BTC it held and walking away from crypto exposure entirely. The Sequans Bitcoin exit caps a process that began quietly last year and accelerated fast in 2026, as the French semiconductor maker traded digital asset ambitions for debt relief and, eventually, a clean balance sheet.
Key takeaways
- Sequans sold its remaining 314 Bitcoin, completing a full exit from its Bitcoin treasury strategy with no cryptocurrency left on the balance sheet.
- Earlier Bitcoin sales — including 970 BTC in November 2025 and 1,025 BTC in the first quarter of 2026 — were used to cut and eventually redeem convertible debt.
- CEO Georges Karam said the company is now “focused on capitalizing on the strong momentum across our semiconductor business.”
- Other Bitcoin treasury companies, including Empery Digital, Nakamoto, Smarter Web and Strategy, have also sold portions of their BTC in 2026, though most kept substantial reserves.
- A separate DWF Ventures report found most digital asset treasury stocks now trade below the value of their crypto holdings, a shift that weakens the financing model many of these firms relied on.
Sequans Completes Exit from Bitcoin Holdings
Sequans confirmed that the sale covered every Bitcoin it held as of June 30, leaving the company with zero cryptocurrency exposure. It’s the final step in a wind-down that had been building for months, and it marks a sharp reversal from the company’s stance less than a year earlier.
Details of the final Bitcoin sale
Back in November 2025, Sequans sold 970 BTC to bring its debt down from $189 million to $94.5 million. At the time, Karam described the move as tactical, arguing it would eventually put the company in a stronger position to grow its Bitcoin holdings again. That didn’t happen. Instead, financial pressure kept mounting, and the company sold another 1,025 BTC during the first quarter of 2026 as revenue fell and losses widened. Holdings dropped from 2,139 BTC at the end of 2025 to just 1,114 BTC by April 30, with 817 BTC of that remainder pledged as collateral against $35.9 million in convertible debt. Sequans booked $11.7 million in realized losses from that quarter’s sales alone, funneling the proceeds toward debt redemption and a buyback program for its American depositary shares.
By May, the remaining convertible debt had been redeemed, and Sequans had already signaled plans to unwind the Bitcoin strategy for good. The last 314 BTC went on Sept. 24, finishing the job.
Impact on company’s financial position
Sequans says it now carries no outstanding debt apart from obligations tied to government-financed research and development projects. In practice, that means a stronger cash position without the swings that come with holding a volatile asset on the books. Karam framed the outcome as deliberate, saying the company eliminated its convertible debt while monetizing its remaining Bitcoin “in a measured and opportunistic manner.”
Strategic Shift to Semiconductor Business Focus
With Bitcoin off the balance sheet, Sequans is putting its resources squarely behind cellular IoT and software-defined radio chips — the business it built its name on before the treasury detour. This is less a pivot than a return to form, and the numbers behind it look encouraging.
Investment in cellular IoT and software-defined radio
Sequans reported product revenue growth of more than 80% year over year in the second quarter, with a six-month product backlog running more than three times what it was a year earlier. Work continues on its 5G eRedCap platform as the broader cellular IoT industry shifts from 4G toward 5G connectivity, a transition that’s opening new demand for the kind of chips Sequans makes.
Growth indicators and new market opportunities
The company is also building out a newer line around a recently launched RF transceiver for software-defined radio applications. It picked up its first drone design win in the second quarter and says it’s seeing rising interest from defense, drone and space customers. Karam pointed to product growth, customer adoption and licensing opportunities as evidence the strategy is paying off, alongside continued progress on the 5G eRedCap and software-defined radio platforms.
Corporate Bitcoin Strategies and Market Context in 2026
Sequans isn’t alone in trimming Bitcoin reserves this year, but few have gone as far as walking away entirely. That contrast matters: it shows corporate crypto treasuries splitting into two camps — those cutting losses and those doubling down.
Varied approaches among companies holding or selling Bitcoin
Empery Digital sold 1,400 BTC for roughly $87.1 million between May 7 and July 10 to ease its debt load, and kept selling afterward — another 1,635 BTC between July 1 and Aug. 6 brought in $102.2 million, some of which went toward repaying $20 million in borrowings. Nakamoto took a lighter touch, generating about $48 million from selling roughly 600 BTC and related derivatives to repay a Bitcoin-backed loan, while still holding 4,467 BTC worth an estimated $261.5 million. The Smarter Web Company sold 177.89 BTC at an average price of $65,762 to repay an $11.7 million convertible instrument, but kept 2,700 BTC and says its long-term Bitcoin strategy stands.
Strategy, still the largest corporate Bitcoin holder, sold roughly $218 million in BTC earlier this year and authorized up to $1.25 billion more in sales tied to preferred dividend obligations and share buybacks — including 1,638 BTC for about $104.7 million in late July. Yet its holdings never dropped below 840,000 BTC, and the company returned to buying in September, adding 950 BTC for $75.7 million to reach 846,000 BTC total. MARA Holdings sold about 23,093 BTC for roughly $1.63 billion during the first half of 2026 to cover operations and liquidity needs, but still held 35,577 BTC at the end of June.
Why this matters: the Sequans Bitcoin exit stands out precisely because most of its peers are managing exposure rather than eliminating it. A DWF Ventures report found that only four of the 20 largest digital asset treasury companies — Bit Digital, Strive, Hyperliquid Strategies and BitMine — now trade above the value of their own crypto holdings, meaning the rest sit at a discount. That weakens a financing loop that let companies issue shares and buy more crypto without diluting shareholders. Standard Chartered had already flagged the risk of an “mNAV collapse” back in September 2025, and Galaxy Digital research analyst Will Owens warned that “if the premium collapses, or worse, flips to a discount, the model begins to break.” Bitcoin itself has swung from a record high above $126,000 last October down below $60,000 before climbing back to around $86,000, a rollercoaster that has tested every corporate treasury built around it.
Cryptocurrency market data from Pluang as of September 25, 2026
Broader market data from Pluang, dated Sep 25, 2026 at 21:45 WIB, showed a mixed session: of 50 major cryptocurrencies tracked, 30 rose while 19 fell. Ethereum Classic (ETC) dropped 8.10% to Rp168.138 amid heavy sell-order activity at 77%, with a typical holding period of 67 days. Decentraland (MANA) moved the other way, gaining 5.87% to Rp1.624 even as sell orders made up 74% of activity — a reminder that price direction and order flow don’t always line up.
FAQ
Why did Sequans Communications sell its Bitcoin holdings?
Sequans sold its Bitcoin to eliminate cryptocurrency exposure, strengthen its balance sheet, and focus on its semiconductor business.
How many Bitcoins did Sequans sell in its final Bitcoin exit?
Sequans sold its remaining 314 Bitcoin, completing its exit from Bitcoin treasury holdings.
What is Sequans Communications’ new business focus after selling Bitcoin?
Sequans is prioritizing growth in cellular IoT and software-defined radio semiconductor operations.
Are other companies also exiting Bitcoin holdings like Sequans?
Some companies sold Bitcoin for financing needs while many others continue to hold significant Bitcoin reserves.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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