Sequans exits Bitcoin treasury after selling final 314 BTC

Sequans Communications announced the sale of its last 314 Bitcoin, completing a full exit from its corporate treasury strategy. The company used proceeds from earlier Bitcoin sales to reduce convertible debt and now plans to focus exclusively on its semiconductor business.

Background of the Bitcoin Treasury

In November 2025, Sequans sold 970 BTC, cutting its debt from $189 million to $94.5 million while maintaining a long‑term conviction in Bitcoin. Throughout 2026 the firm accelerated sales, disposing of 1,025 BTC in Q1 and reducing holdings to 1,114 BTC by April 30. Of those, 817 BTC were pledged as collateral for $35.9 million of convertible debt.

Final Sale and Balance‑Sheet Impact

On September 24, Sequans confirmed that the remaining 314 BTC were sold, leaving zero cryptocurrency on its balance sheet. The transaction eliminated all convertible debt, leaving only obligations tied to government‑financed R&D projects. The company reported $11.7 million in realized losses from Bitcoin sales during the quarter, with proceeds directed to debt redemption and an American depositary share buyback program.

Strategic Shift to Semiconductors

CEO Georges Karam stated that the firm will now allocate financial and strategic resources to its cellular IoT and software‑defined radio semiconductor operations. Sequans reported product‑revenue growth of more than 80 % year‑over‑year in Q2, a product backlog three times higher than a year earlier, and progress on its 5G eRedCap platform and RF transceiver line.

Industry Context

Sequans’ complete exit contrasts with other public companies that have sold portions of their Bitcoin holdings while retaining sizable reserves. Firms such as Empery Digital, Nakamoto, Smarter Web, Strategy, and MARA have used Bitcoin sales to fund debt repayment, operational needs, or dividend obligations, but continue to hold significant BTC balances.