TL;DR
- Sequans Communications sold its remaining 314 BTC and fully exited its Bitcoin treasury strategy, leaving zero cryptocurrencies on its balance sheet.
- The company had used its sales to retire convertible debt, reducing its liabilities from $189 million to zero over the course of 2025 and 2026.
- Unlike other firms that also sold BTC in 2026, such as Strategy, Nakamoto, or Smarter Web, Sequans holds no remaining position in Bitcoin.
Sequans Communications announced the sale of its remaining 314 BTC, completing its full exit from its Bitcoin treasury strategy. The transaction covered all Bitcoin assets the company held on its balance sheet as of June 30, leaving the firm with no cryptocurrency exposure.
This decision brings to a close a process that deepened significantly throughout 2026, as the company liquidated positions to meet its financial obligations.
The inflection point came in November 2025, when Sequans sold 970 BTC to reduce its debt from $189 million to $94.5 million. At the time, CEO Georges Karam described the move as a tactical decision and stated that the company would be better positioned to expand its Bitcoin holdings at a later stage. However, the trajectory took a different course.
Sequans and the End of Its Bitcoin Strategy
During the first quarter of 2026, Sequans sold an additional 1,025 BTC as revenues declined and losses grew. Its holdings fell from 2,139 BTC at the end of 2025 to 1,114 BTC as of April 30. Of that remainder, 817 BTC were pledged as collateral against $35.9 million in convertible debt. The sales generated $11.7 million in realized losses during the quarter, with proceeds directed primarily toward debt retirement and a share buyback program.
By May 2026, the company had redeemed all of its convertible debt and announced plans to permanently wind down its Bitcoin treasury strategy. Karam noted that Sequans eliminated its convertible debt while monetizing the remaining Bitcoin “in a measured and opportunistic manner.” “With this transition complete, we are focused on capitalizing on the strong momentum of our semiconductor business,” the executive stated.
The Core Business Reclaims the Spotlight
Sequans reported product revenue growth of over 80% year-over-year in the second quarter of 2026, with a six-month order backlog more than three times larger than the previous year’s. The company continues to develop its 5G eRedCap platform and is advancing a business line tied to its RF transceiver for software-defined radio applications, with its first design winning in the drone market during the second quarter.
Other companies also sold Bitcoin in 2026, though without abandoning it entirely. Strategy, the largest corporate BTC holder, sold portions of its portfolio to cover preferred share dividends, but resumed purchases in September and raised its holdings to 846,000 BTC.
Nakamoto generated approximately $48 million net from the sale of roughly 600 BTC and retained 4,467 BTC at the close of the second quarter. Smarter Web used 177.89 BTC to cancel a convertible instrument and now holds around 2,700 BTC, reaffirming its long-term strategy. For Sequans, by contrast, the exit is definitive.
