Paris-based chipmaker Sequans Communications has fully exited its bitcoin treasury, selling roughly 80% of its holdings to repay convertible debt and returning its full focus to semiconductors.
Summary
- Sequans sold approximately 2,120 BTC over several months, leaving just 658 BTC fully unrestricted on its balance sheet.
- CEO Georges Karam says the move strengthens the company’s balance sheet and simplifies its capital structure.
- The company will now concentrate on scaling its 4G/5G IoT semiconductor, RF transceiver, and defense wireless application businesses.
Sequans Communications, the Paris-listed chipmaker, announced Thursday the completion of all convertible debt redemptions tied to its bitcoin treasury, capping an abrupt reversal of the bitcoin accumulation strategy it launched less than a year ago.
The company sold nearly 80% of its total Bitcoin (BTC) holdings to fund the debt redemption, leaving 658 BTC on the balance sheet — now fully unrestricted following the retirement of all outstanding obligations, according to The Block.
The selldown was executed in stages. Sequans sold 970 BTC in November 2025, then another 125 BTC in February 2026, followed by a further 1,025 BTC during the first quarter, which reduced its holdings to 1,114 BTC as of April 30.
A treasury built fast, unwound faster
Sequans launched its bitcoin treasury in July 2025 with a $384 million private placement, $195 million in equity and $189 million in convertible notes, with proceeds deployed almost entirely into BTC. At the time, CEO Georges Karam described bitcoin’s scarcity and resilience as superior to traditional cash reserves.
That position has now been fully dismantled. “The completion of the debt redemption marks an important turning point for Sequans,” Karam said in the company’s announcement. “We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business.”
The Q1 2026 sales alone generated $11.7 million in realized losses for the company, a period in which revenue had also declined and losses widened, piling pressure on a treasury model that depended on continued bitcoin price appreciation to service its debt load.
Back to chips
Going forward, Sequans said it will prioritize its 4G and 5G semiconductor products, RF transceivers, and defense-related wireless applications, the core businesses the company had operated before its pivot into crypto.
The reversal puts Sequans among a small but notable group of companies that tested the corporate bitcoin treasury model and retreated, a contrast with firms like Strategy, which has continued accumulating and held 713,502 BTC as of February 2026 at a total cost of $54.26 billion.
Sequans’ remaining 658 BTC, now unencumbered, gives the company optionality, though management’s current messaging points firmly toward operational investment rather than further crypto exposure.
