Key Takeaways:
Sequans Communications sold 456 Bitcoin and plans to liquidate its remaining 658, unwinding a corporate treasury strategy that once held more than 3,000 tokens.
"We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business," Chief Executive Officer Georges Karam said.
The Paris-based chipmaker (NYSE: SQNS) raised $384 million in July 2025 through equity and convertible debentures to accumulate Bitcoin, scaling to 3,234 tokens at its peak. It sold 970 Bitcoin in November 2025 to cut convertible debt from $189 million to $94.5 million, then another 1,025 in the first quarter of 2026. The latest sale fully redeems roughly $37 million in convertible notes due by June 1. Sequans posted $6.1 million in first-quarter revenue, down 24.8 percent from a year earlier, and a net loss of $54.3 million.
The remaining 658 Bitcoin earmarked for sale represents roughly $70 million at current prices, bringing the company's $384 million treasury experiment full circle. With its balance sheet near debt-free, Sequans is returning focus to its 4G and 5G chip business — but the episode shows the risk of funding debt-financed crypto purchases with a volatile asset. The unwind contrasts with MicroStrategy, which has maintained its Bitcoin accumulation strategy through debt issuance, and comes as corporate Bitcoin treasuries face increased scrutiny from investors focused on core operations.
This article is for informational purposes only and does not constitute investment advice.
