Sequans Communications clears Bitcoin debt, exits treasury strategy

Sequans Communications, a Paris-based semiconductor firm specialising in IoT and cellular technology, announced on May 28 that it has fully redeemed the debt associated with its Bitcoin treasury. The company funded this redemption by selling nearly 80% of its total Bitcoin holdings, a move that leaves it with approximately 658 unencumbered Bitcoin on its balance sheet.

The Paris-based firm stated it intends to transition to a near debt-free balance sheet to increase financial flexibility and refocus exclusively on its core IoT and cellular semiconductor business. This strategic pivot marks a significant departure from its earlier ambitions in the cryptocurrency space.

In June 2025, Sequans had planned to raise $384 million through a combination of debt and equity instruments to establish a Bitcoin treasury. The company subsequently acquired 370 Bitcoin and announced plans to acquire 3,000 Bitcoin within weeks. By the end of July, Sequans had reached that 3,000 Bitcoin target and continued to purchase assets at regular intervals.

However, the strategy faced headwinds following a market downturn in October 2025. Bitcoin reached a record high of $126,080 on 6 October 2025, but a flash crash on 10 October prompted the company to reconsider its position. Sequans began liquidating assets in November 2025, selling 970 BTC, followed by a further sale of 1,025 BTC in the first quarter of 2026.

As of April 30, the company held 1,114 Bitcoin, a figure that has now been reduced to approximately 658 following the latest sales. Bitcoin was trading at $73,467 at the time of reporting, representing a 40% decline from its October record high.

CEO Georges Karam confirmed during the Q1 2026 earnings call that the company does not intend to further pursue its treasury strategy. While Sequans indicated plans to monetise its remaining Bitcoin holdings over time, it provided no specific details regarding the timing or method of these future sales.