The France-based semiconductor company has fully unwound a Bitcoin treasury that once held more than 3,200 BTC as more firms scale back crypto holdings.
Sequans Communications has sold its remaining 314 Bitcoin, completing its exit from a Bitcoin treasury strategy that once saw the semiconductor company hold more than 3,200 BTC.
On Thursday, the French semiconductor company said the exit follows the redemption of its convertible debt in May and will allow it to refocus on its core cellular internet-of-things (IoT) and software-defined radio businesses.
CEO Georges Karam said the company used Bitcoin sales to eliminate its convertible debt and strengthen its balance sheet, leaving Sequans with no cryptocurrency holdings and no outstanding debt beyond government-financed research and development obligations.
Sequans launched its Bitcoin treasury strategy in June 2025 after announcing a $384 million sale of equity securities and convertible secured debentures. At the time, Karam called Bitcoin “a premier asset and a compelling long-term investment.”
The company began reducing its holdings less than six months later, selling 970 BTC in November to redeem half its convertible debt. By May 2026, Sequans said it was “no longer pursuing” the treasury strategy and would monetize its remaining Bitcoin over time.
Related: REX launches 2x leveraged ETF tied to Bitcoin treasury firm Strive
A growing number of digital asset treasury companies have abandoned or scaled back their accumulation strategies in 2026 amid the crypto bear market.
In late July, Matthew Sigel, head of digital assets research at VanEck, identified at least nine companies that had fully liquidated or abandoned their Bitcoin and crypto treasury strategies in 2026, alongside several others that had reduced their holdings.
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