The Block<\/a>.<\/p>\nThe selldown was executed in stages. Sequans sold 970 BTC in November 2025, then another 125 BTC in February 2026, followed by a further 1,025 BTC during the first quarter, which\u00a0reduced its holdings\u00a0to 1,114 BTC as of April 30.<\/p>\n
A treasury built fast, unwound faster<\/h2>\n
Sequans launched its bitcoin treasury in July 2025 with a $384 million private placement, $195 million in equity and $189 million in convertible notes, with proceeds deployed almost entirely into BTC. At the time, CEO Georges Karam described bitcoin\u2019s scarcity and resilience as superior to traditional cash reserves.<\/p>\n
That position has now been fully dismantled. \u201cThe completion of the debt redemption marks an important turning point for Sequans,\u201d Karam said in the company\u2019s announcement. \u201cWe have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business.\u201d<\/p>\n
The Q1 2026 sales alone generated $11.7 million in realized losses for the company, a period in which revenue had also declined and losses widened, piling pressure on a treasury model that depended on continued bitcoin price appreciation to service its debt load.<\/p>\n
Back to chips<\/h2>\n
Going forward, Sequans said it will prioritize its 4G and 5G semiconductor products, RF transceivers, and defense-related wireless applications, the core businesses the company had operated before its pivot into crypto.<\/p>\n
The reversal puts Sequans among a small but notable group of companies that tested the\u00a0corporate bitcoin treasury\u00a0model and retreated, a contrast with firms like Strategy, which has continued accumulating and held 713,502 BTC as of February 2026 at a total cost of $54.26 billion.<\/p>\n
Sequans\u2019 remaining 658 BTC, now unencumbered, gives the company optionality, though management\u2019s current messaging points firmly toward operational investment rather than further crypto exposure.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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