Cellular chipmaker liquidates 1,200 BTC in Q2, leaving 314 coins unrestricted
Sequans Communications reduced its Bitcoin treasury by 1,200 coins during the second quarter of 2026, cutting holdings by 79.3% to 314 BTC by June 30. The cellular chipmaker used proceeds from the sales to eliminate its remaining convertible debt and increase cash reserves, according to reporting by CryptoSlate Editor-in-Chief Liam ‘Akiba’ Wright.
The company entered Q2 with 1,514 BTC. By April 30, it held 1,114 BTC, with 817 pledged against $35.9 million of remaining convertible debt. On May 28, Sequans announced completion of the debt redemption using Bitcoin-sale proceeds, at which point it held approximately 658 BTC, all unrestricted. The further decline to 314 BTC by quarter-end reflected additional liquidation between late May and June 30.
Debt elimination and cash position
In February 2026, Sequans agreed to redeem the remaining $94.5 million principal of convertible debt by June 1. The company met that obligation using Bitcoin sales. By June 30, convertible debt fell to zero, and all 314 remaining BTC were unrestricted and available for sale, no longer pledged as collateral.
Cash and cash equivalents nearly doubled during the quarter, rising from $10.6 million at March 31 to $21 million at June 30. The 314 remaining coins were valued at $18.4 million at quarter-end.
Financial results
Sequans recorded a $5.3 million realized net gain on Bitcoin sales in Q2, offset partially by a $3 million unrealized impairment loss on its investment portfolio. The company reported preliminary unaudited quarterly revenue of $7.5 million and a net loss of $9.8 million for the quarter. Sequans released Q2 results on August 4, 2026, but did not provide an updated Bitcoin holdings count for any period after June 30.
