Sequans Completes Bitcoin Exit, Exposing Treasury Stock Risks

Sequans Communications, a French semiconductor maker, has completed its exit from holding Bitcoin on its balance sheet. The company sold its last 314 Bitcoin in September 2026, ending a strategy that began with an intention to hold 100,000 Bitcoin by the end of 2030.

The move highlights the risks associated with treasury stocks, which provide easy access to cryptocurrency exposure through a familiar broker but come with corporate policy risks. Shareholders who bought into Sequans' plan were essentially buying corporate policy along with price exposure.

Sequans had begun its Bitcoin reserve in June 2025 with a capital raise of $377-384 million, and peaked at around 3,234 Bitcoin in October 2025. The company's holdings declined over the next year due to repayments of convertible bonds, ultimately leading to the sale of the last 314 Bitcoin.

The calculation of Sequans' loss on its Bitcoin investment is around $106 million, based on an average purchase price of $116,643 per Bitcoin and a current market price of around $83,935. However, it's essential to note that this figure represents a snapshot of the gap between cost basis and current price, not the actual realised loss.