Sequans Exits Bitcoin Treasury Strategy After Selling Remaining 314 BTC
French semiconductor company Sequans Communications has fully exited its Bitcoin treasury strategy by selling its last 314 BTC. This move follows the redemption of its convertible debt in May 2026 and will enable the firm to focus on its core Internet of Things and software-defined radio businesses. Previously holding over 3,200 BTC since launching the strategy in June 2025, Sequans gradually reduced its Bitcoin holdings to strengthen its balance sheet.
Launch and Evolution of Sequans’ Bitcoin Strategy
In June 2025, Sequans announced a $384 million equity and convertible secured debenture offering, marking the start of its Bitcoin treasury strategy. CEO Georges Karam described Bitcoin as a "premier asset and a compelling long-term investment" at the time. However, by November 2025, the firm sold 970 BTC to redeem half of its convertible debt.
By May 2026, Sequans declared it was no longer pursuing the treasury strategy. It began monetizing its remaining Bitcoin holdings gradually to repay debts. Karam explained that the Bitcoin sales helped eliminate convertible debt and enhance the balance sheet, leaving Sequans with no cryptocurrency holdings and only government R&D financial obligations outstanding.
Broader Market Trend: Companies Exiting Bitcoin Treasuries in 2026
The year 2026 has seen a significant trend of companies abandoning or scaling back their Bitcoin and crypto treasury strategies amid bearish market conditions. Matthew Sigel, head of digital assets research at VanEck, identified at least nine companies fully liquidating their holdings and several others reducing them.
UK-based Satsuma Technology raised £100 million ($135 million) via convertible loan notes in July 2025 to expand its Bitcoin treasury. However, a year later, shareholders voted to return nearly all capital and delist the company, leading to the sale of its entire 669 BTC position.
Other companies fully liquidating Bitcoin holdings this year include Bitdeer, Genius Group, and Prenetics. MARA Holdings and Empery Digital have sold significant portions but have not exited crypto reserves entirely.
Reasons cited for these exits or reductions include debt repayments, working capital needs, shareholder returns, and shifts in corporate strategy.
Why it matters
Sequans’ exit from its Bitcoin treasury strategy highlights an ongoing shift among corporate investors amid the persistent crypto bear market in 2026. The company’s strategic move to concentrate on core technology businesses while eliminating debt and cryptocurrency exposure underscores a focus on financial solidity. This development signifies that, for certain firms, managing cryptocurrency assets is becoming less of a priority and more of a risk in view of market volatility and evolving regulatory landscapes, influencing broader corporate decisions around digital asset strategies.
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