Sequans Completes Final Bitcoin Sale as Market Shifts Away from Treasury Strategies

Sequans Communications has completed its Bitcoin treasury exit after selling its last 314 BTC on September 24. The Paris-based semiconductor company used the proceeds to pay off convertible debt, capping a methodical unwinding that started in November 2025 with a sale of 970 BTC.

The company's Bitcoin holdings peaked at around 3,234 BTC before being gradually sold down to zero. By May 2026, Sequans had fully redeemed all remaining convertible obligations and reported just 658 BTC still on its books.

CEO Dr. Georges Karam framed the entire sequence as 'deliberate and disciplined,' designed to strengthen the company's financial foundation rather than chase crypto upside indefinitely.

Sequans' exit fits into a pattern that has been building throughout 2026, with companies that adopted Bitcoin treasury strategies during the 2024-2025 enthusiasm cycle increasingly concluding that the risk-reward calculus has shifted.