Sequans Communications has completed its exit from Bitcoin, selling the final 314 BTC it held on its balance sheet as of June 30 and leaving the company with no cryptocurrency exposure. The Paris-based maker of 5G/4G cellular IoT and software-defined radio chips announced the move on September 24, describing it as the last step in a balance-sheet cleanup that leaves the firm debt-free outside government-financed research.
The sale closes a treasury strategy that Sequans began unwinding in late 2025. In November 2025, the company sold 970 BTC, cutting convertible debt from $189 million to $94.5 million. During the first quarter of 2026 it sold another 1,025 BTC, reducing its holdings from 2,139 BTC at end-2025 to 1,114 BTC as of April 30. Of that amount, 817 BTC were pledged as collateral against $35.9 million in convertible debt. Those sales produced $11.7 million in realized losses, with proceeds used mainly for debt retirement and share buybacks.
By May 2026, Sequans had redeemed all of its convertible debt and signaled a permanent wind-down of its Bitcoin treasury strategy. CEO Georges Karam said the company monetized its remaining Bitcoin 'in a measured and opportunistic manner' and can now focus on its semiconductor business. 'The completion of our Bitcoin treasury strategy marks an important milestone for Sequans and reflects the disciplined execution of a strategy designed to strengthen our financial foundation,' Karam added.
Sequans is refocusing on core operations as product revenue grew more than 80% year-over-year in the second quarter of 2026, with a six-month product backlog more than three times larger than a year earlier. The company is advancing its 5G eRedCap platform and its RF transceiver for software-defined radio, securing a first drone design win in Q2 2026 and citing growing interest across defense, drone and space markets.
The exit contrasts with other corporate Bitcoin holders. Strategy sold portions of its holdings to cover preferred share dividends but resumed purchases in September and now holds 846,000 BTC. Strive lifted its treasury to 26,355 BTC with a 1,355-Bitcoin purchase earlier in September. Nakamoto generated about $48 million net from selling roughly 600 BTC and retained 4,467 BTC, while Smarter Web used 177.89 BTC to cancel a convertible instrument and still holds around 2,700 BTC. Sequans, by contrast, now holds zero Bitcoin.
