French semiconductor company Sequans Communications (NYSE: SQNS) sold 1,200 Bitcoin during the second quarter of 2026, reducing its corporate treasury to just 314 BTC as of June 30. The Paris-based chipmaker disclosed the move in its preliminary Q2 results on Tuesday, framing it as a capital-structure cleanup that allowed it to fully redeem its convertible debt in May and close the quarter with $21 million in cash—up from $10.6 million at the end of March—and zero debt.
CEO Georges Karam began accumulating Bitcoin in July 2025 with an initial purchase of 370 coins, eventually building a peak position above 3,300 BTC. The wind-down started in November 2025 with a sale of 970 BTC, followed by another 1,025 BTC in Q1 2026. For the latest quarter, Sequans realized a net gain of $5.3 million on the sales, a sharp reversal from the $11.7 million realized loss in Q1 when it was selling into a falling market. Earlier this year, a $29.3 million unrealized impairment on its Bitcoin holdings contributed to a $76.2 million net loss; the Q2 impairment shrank to $3.0 million.
The proceeds helped Sequans refocus on its core Internet-of-Things semiconductor business. Revenue reached $7.5 million, up 23.2% sequentially and beating internal guidance. Excluding one‑off licensing revenue from a Qualcomm deal a year earlier, product sales surged 84.2% year-over-year, driven by hardware now in mass production across more than 40 design-win projects. Chief Executive Karam noted that these projects represent 55% of a $300 million three-year pipeline and highlighted a first drone customer for the company’s RF transceiver technology. Gross margin, however, slipped to 32.9% from 37.7% due to a higher mix of lower-margin hardware.
Sequans’ stock reacted positively, trading at $2.87 in pre-market on Tuesday, up 17.62% from Monday’s close, though still far below the 52-week high of $13.90. The company now ranks 73rd among public corporate Bitcoin holders, with its remaining 314 BTC worth about $20 million.
The divestment mirrors a broader trend: MARA Holdings, Riot Platforms, Hut 8, Cango, and even Strategy—the largest corporate holder—have all trimmed Bitcoin exposure in recent months. Strategy sold 1,638 BTC for roughly $104.7 million in late July to fund dividends and build cash.
