French-listed chip company Sequans Communications has essentially exited its Bitcoin treasury strategy. The company disclosed that after redeeming all convertible bonds associated with the strategy, it has sold approximately 80% of its Bitcoin holdings, currently holding 658 Bitcoins and is no longer subject to debt restrictions.
Sell Bitcoin in batches over several months
Sequans had been continuously reducing its Bitcoin holdings over several months. According to disclosures, the company sold 970 BTC in November 2025, another 125 in February 2026, and then another 1025 in the first quarter of 2026.
As of April 30, the company's holdings had decreased to 1,114 Bitcoins. With the subsequent debt settlement, the final remaining Bitcoin holdings will be 658.
The treasury strategy was reversed in less than a year.
Sequans launched its Bitcoin Treasury program in July 2025, raising $384 million through private placements, including $195 million in equity financing and $189 million in convertible bonds. Almost all of the funds raised were used to buy Bitcoin.
The company's management initially viewed Bitcoin as an asset superior to traditional cash reserves. However, this stance was quickly reversed. The company's latest statement indicates that after completing the debt redemption, its balance sheet has been repaired and its capital structure simplified.
Refocusing on IoT chip business
Sequans stated that it will refocus on its core semiconductor business, with a focus on advancing 4G/5G IoT chips, RF transceivers, and defense wireless applications.
This adjustment also reflects that some companies adopting the corporate Bitcoin treasury model are beginning to reassess their strategies under debt pressure and operational strain. Sequans' sale of Bitcoin in the first quarter of 2026 resulted in a realized loss of $11.7 million; during the same period, the company's revenue declined and losses widened.
Currently, the company still holds 658 bitcoins. Recent statements from management indicate that the focus has shifted to operational investment rather than further expanding exposure to crypto assets.
Additional information:The article compares Strategy, a company that represents the continuous accumulation strategy, which held 713,502 Bitcoins as of February 2026, with a total cost of approximately $54.26 billion.
