Paris-based IoT chipmaker unwinds treasury in under 12 months, pivots back to semiconductor core business
Sequans Communications completed its exit from Bitcoin treasury strategy on May 28, 2026, selling approximately 2,120 BTC from peak holdings of roughly 3,000 BTC and using proceeds to retire all convertible debt, the NYSE-listed company announced. The move leaves Sequans with 658 BTC in “fully unencumbered” holdings and marks a sharp reversal from the cellular IoT semiconductor company’s aggressive accumulation push less than a year prior.
CEO Georges Karam said in a statement: “We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business.” The Paris-based company is now directing resources toward its core 4G LTE-M and Cat-1bis chipsets, which serve smart metering, asset tracking, telematics, security, and industrial IoT markets.
Sequans announced its Bitcoin treasury strategy in June 2025 with plans to raise $385 million through debt and equity. By July 2025, the company had issued convertible notes and crossed the 3,000 BTC threshold within weeks. At that time, Karam described Bitcoin as a “long-term store of value for our shareholders.”
The unwind accelerated after Bitcoin’s November 2025 price collapse. The asset fell from above $126,000 to roughly $80,000, prompting Sequans to sell 970 BTC that month. Additional tranches followed: 125 BTC in February 2026 and 1,025 BTC during Q1 2026. By April 30, holdings had shrunk to 1,114 BTC. The final sales completed the exit by late May, reducing total holdings by 80% from peak.
The strategy reversal proved costly for early shareholders. Investors who purchased SQNS shares at the July 2025 peak experienced 90% losses, according to the announcement materials. However, stock price rose 10% on the May 28 debt retirement announcement, suggesting market approval of the deleveraging move.
Karam outlined the company’s refocused priorities: “Execute on our growing 4G and RF transceiver product portfolio, accelerate our path to profitability, and advance our 5G roadmap.” Sequans is developing a 5G eRedCap platform as a stated long-term growth driver for the semiconductor business.
The company did not specify how it plans to deploy or monetize the remaining 658 BTC. Management had previously flagged collateral obligations tied to Bitcoin price volatility as a risk in regulatory filings, though the source does not detail whether margin pressures accelerated the unwind decision.
