Sequans dumps its last 314 BTC, joins the great treasury exit queue 🚪

Sequans Communications has sold its remaining 314 Bitcoin, completing its exit from a Bitcoin treasury strategy that once saw the French semiconductor company hold more than 3,200 BTC. The company said Thursday the exit follows the redemption of its convertible debt in May and will allow it to refocus on its core cellular internet-of-things (IoT) and software-defined radio businesses. CEO Georges Karam said Sequans used Bitcoin sales to eliminate its convertible debt and strengthen its balance sheet, leaving the firm with no cryptocurrency holdings and no outstanding debt beyond government-financed research and development obligations.

Sequans launched its Bitcoin treasury strategy in June 2025 after announcing a $384 million sale of equity securities and convertible secured debentures. At the time, Karam called Bitcoin "a premier asset and a compelling long-term investment." The company began reducing its holdings less than six months later, selling 970 BTC in November to redeem half its convertible debt. By May 2026, Sequans said it was "no longer pursuing" the treasury strategy and would monetize its remaining Bitcoin over time.

A growing number of digital asset treasury companies have abandoned or scaled back their accumulation strategies in 2026 amid a broader crypto bear market. In late July, Matthew Sigel, head of digital assets research at VanEck, identified at least nine companies that had fully liquidated or abandoned their Bitcoin and crypto treasury strategies in 2026, alongside several others that had reduced their holdings. Other companies to fully liquidate their Bitcoin holdings this year include Bitdeer, Genius Group and Prenetics, while MARA Holdings and Empery Digital have made substantial sales without abandoning their treasury strategies altogether.

UK-listed Satsuma Technology recorded one of the more drastic reversals. In July 2025, the company raised 100 million British pounds ($135 million) through convertible loan notes to expand its Bitcoin treasury, in what was reported at the time as a UK record for a Bitcoin treasury raise. A year later, shareholders voted overwhelmingly to return substantially all of the company's capital and cancel its listing, and the board authorized the closure of its trading activities and the sale of its entire 669 BTC position. The companies cited by VanEck's Sigel exited or reduced their holdings for a range of reasons, including debt repayments, working capital needs, shareholder returns and shifts in business strategy.