Sequans Communications, a Paris-based semiconductor firm, has sold 456 Bitcoin and signaled plans to offload its remaining 658 BTC. What started as an ambitious corporate Bitcoin treasury strategy just a year ago is now being unwound at speed, with the company prioritizing debt reduction over digital asset accumulation.
How the Bitcoin treasury unraveled
Sequans launched its Bitcoin treasury program in July 2025 after raising $384 million through a combination of equity offerings and convertible debt. The company accumulated aggressively, reaching approximately 3,234 BTC by October 2025.
By November 2025, Sequans sold 970 BTC to redeem half of its convertible debt obligations. Then came Q1 2026, during which the company offloaded another 1,025 BTC. That brought its total holdings down to 1,114 BTC as of April 30, 2026.
Revenue troubles forced the pivot
Sequans reported a 24.8% decline in revenue for Q1 2026, bringing in just $6.1 million. The company also posted a net loss of $54.3 million during the same period.
Of the 1,114 BTC the company held as of late April, 817 were already pledged as collateral for its outstanding convertible notes. The company has stated its aim to fully redeem that debt by June 1, 2026, which explains the urgency behind the current liquidation schedule.
Sequans designs semiconductor solutions for IoT connectivity. The Bitcoin treasury was a side bet layered on top of a business that manufactures chips for connected devices.
What this means for corporate Bitcoin treasuries
With 817 of its 1,114 BTC pledged against convertible notes, the company had limited flexibility to choose when or how to sell. The debt terms dictated the timeline, not market conditions.
The June 1, 2026 debt redemption deadline is now the key date to watch. If Sequans successfully liquidates its remaining Bitcoin and retires the convertible notes, it will have completed a full round trip — from zero Bitcoin to over 3,200 BTC and back to zero — in under 12 months.