Paris-based semiconductor company Sequans Communications has fully unwound its corporate Bitcoin treasury, selling approximately 80% of its holdings to repay convertible debt and shifting its strategic focus back to its core IoT chipmaking business. The company disclosed that it now holds just 658 BTC, all of which is completely unencumbered following the final debt redemption announced Thursday.
The selldown marks an abrupt reversal of a treasury strategy launched less than a year earlier. In July 2025, Sequans raised $385 million through a private placement of equity and convertible notes, and within weeks accumulated over 3,000 BTC. At the time, CEO Georges Karam described Bitcoin as a “long-term store of value for our shareholders.” However, after Bitcoin’s price plunged from an all-time high above $126,000 back to $80,000, the company began reducing its position. Sequans sold 970 BTC in November 2025, another 125 BTC in February 2026, and 1,025 BTC during the first quarter of 2026 — realizing $11.7 million in losses in that quarter alone. By April 30, holdings had fallen to 1,114 BTC, and the final round of redemptions brought the balance to 658 BTC.
“The completion of the debt redemption marks an important turning point for Sequans,” Karam said. “We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business.”
Going forward, Sequans will prioritize its 4G and 5G IoT chips, RF transceiver technology, and defense-related wireless applications. The move makes Sequans one of the few companies to test and then abandon the corporate Bitcoin treasury model. While shares of Sequans were up 2% on the day of the announcement, investors who bought at the peak of the Bitcoin fever last July face losses of more than 90%.
