Sequans Exits Bitcoin Treasury Strategy After 15-Month Unwinding Process

Sequans Communications has finally exited its Bitcoin treasury strategy after selling off the last 314 BTC on September 24, capping a deliberate and disciplined unwinding process that took just 15 months to complete. The Paris-based semiconductor company initially started buying up Bitcoin in June 2025, shortly after raising $384 million in capital. At its peak, Sequans' treasury held around 3,234 BTC.

The company began selling off its Bitcoin holdings in November 2025, with the initial sale of 970 BTC helping to retire half of its convertible debt. By May 2026, all remaining convertible obligations had been redeemed, leaving just 658 BTC on the books. The final sale this week brought Sequans' total count down to zero.

According to CEO Dr. Georges Karam, the entire process was designed to strengthen the company's financial foundation rather than chasing crypto upside indefinitely. By using Bitcoin proceeds to retire convertible debt entirely, Sequans eliminated dilution risk, conversion triggers, and investor uncertainty about share counts, cleaning up its capital structure in the process.