Paris-based semiconductor company Sequans Communications has completely liquidated its Bitcoin reserve, selling roughly 80% of its holdings to settle convertible debt and redirect its focus entirely toward chip manufacturing.
Over several months, the firm offloaded about 2,120 BTC through multiple transactions, including 970 in November 2025, another 125 in February 2026, and an additional 1,025 during the first quarter of 2026. As of April 30, the remaining 1,114 BTC were further reduced, leaving just 658 BTC on the balance sheet—now fully unencumbered after all outstanding obligations were retired.
CEO Georges Karam stated that this move bolsters the company’s financial foundation and streamlines its capital structure. With debt cleared, Sequans will concentrate on expanding its core 4G/5G IoT semiconductor, RF transceiver, and defense wireless application businesses.
The treasury reversal comes less than a year after Sequans launched an aggressive Bitcoin accumulation strategy in July 2025, backed by a $384 million private placement. At that time, Karam had touted Bitcoin’s scarcity and resilience as superior to traditional cash reserves. However, the subsequent decline in Bitcoin price forced the company to sell at a loss, with first-quarter 2026 sales alone yielding $11.7 million in realized losses amid falling revenue and widening losses.
Sequans now joins a small group of firms that tested the corporate Bitcoin treasury model and retreated, in contrast to persistent accumulators like Strategy, which held 713,502 BTC as of February 2026. While the remaining 658 BTC provide optionality, management’s current stance points firmly toward operational investment rather than renewed crypto exposure.