Sequans Communications has sold its remaining 314 Bitcoin, completing a full liquidation of a treasury strategy that once held more than 3,200 BTC. The France-based semiconductor company announced the sale on Thursday, marking the end of a corporate Bitcoin holdings program launched in June 2025.
The exit follows a May 2026 announcement that Sequans was “no longer pursuing” its Bitcoin treasury strategy. In November 2025, the company had already sold 970 BTC to redeem half of its convertible debt. The final sale of 314 BTC concludes that redemption effort.
After the liquidation, Sequans holds no cryptocurrency assets and carries no outstanding debt beyond government-financed research and development obligations, according to the company’s disclosures. The strategy had been funded partly through a June 2025 sale of equity securities and convertible secured debentures worth $384 million.
Broader Retreat From Corporate Bitcoin Holdings
Sequans is one of at least nine companies that have fully liquidated or abandoned Bitcoin treasury strategies in 2026, according to Matthew Sigel, head of digital assets research at VanEck. The wave of exits has unfolded amid crypto bear market conditions.
Satsuma Technology, a UK-listed company, raised 100 million British pounds (approximately $135 million) via convertible loan notes in July 2025 to fund a Bitcoin treasury strategy. The company held 669 BTC before voting to return capital and cancel its listing roughly a year later.
Other companies including Bitdeer, Genius Group, Prenetics, MARA Holdings, and Empery Digital have similarly exited or scaled back Bitcoin treasury programs in 2026.
Rationale for Exit
Companies cited multiple reasons for abandoning treasury strategies, including debt repayments, working capital needs, shareholder returns, and shifts in business strategy. Sequans used its Bitcoin sales specifically to eliminate convertible debt and strengthen its balance sheet.
CEO Georges Karam had previously characterized Bitcoin as “a premier asset and a compelling long-term investment” when the company launched its treasury strategy in June 2025. The company’s shift away from that position within 15 months reflects the broader pullback among corporate holders in 2026.
Sequans’ semiconductor business focuses on cellular internet-of-things and software-defined radio. The company’s exit from Bitcoin holdings leaves it with a simplified capital structure and no cryptocurrency exposure.
