Sequans ends its Bitcoin treasury strategy after selling the remaining 314 BTC

Sequans Communications announced on Thursday that it had sold its last 314 BTC, ending a Bitcoin treasury strategy that had once left the French semiconductor company holding more than 3,200 BTC. The company said the exit follows its May redemption of convertible debt and will allow it to refocus on its core cellular internet-of-things and software-defined radio businesses.

Sequans turns from Bitcoin holdings to debt repayment

According to CEO Georges Karam, Bitcoin proceeds were used to remove convertible debt and improve the balance sheet. Sequans now reports no cryptocurrency holdings and no outstanding debt beyond government-financed research and development obligations.

Sequans started the treasury program in June 2025 after announcing a $384 million sale of equity securities and convertible secured debentures. At the time, Karam described Bitcoin as “a premier asset and a compelling long-term investment.”

The unwind began within six months: Sequans sold 970 BTC in November to retire half of its convertible debt. By May 2026, the company said it was “no longer pursuing” the strategy and planned to monetize the remaining coins over time.

More digital asset treasury firms are unwinding

In the 2026 crypto bear market, a widening group of digital asset treasury companies has abandoned or scaled back accumulation strategies.

Late in July, Matthew Sigel, head of digital assets research at VanEck, counted at least nine companies that had fully liquidated or abandoned Bitcoin and crypto treasury strategies during 2026, alongside several others that had reduced their holdings.

Sigel said the firms exited or reduced their positions for reasons that included debt repayments, working capital needs, shareholder returns and shifts in business strategy. The pattern shows that debt repayments, working capital needs, shareholder returns and business-strategy changes can drive exits from Bitcoin treasury positions.

Satsuma, Bitdeer, Genius Group, Prenetics, MARA and Empery Digital

UK-listed Satsuma Technology represents one of the sharpest reversals. In July 2025, the company raised 100 million British pounds ($135 million) through convertible loan notes to expand its Bitcoin treasury; Cointelegraph reported at the time that the raise was a UK record for a Bitcoin treasury raise.

Twelve months later, shareholders voted overwhelmingly to return substantially all of the company’s capital and cancel its listing. The board then authorized the closure of its trading activities and the sale of its entire 669 BTC position.

Bitdeer, Genius Group and Prenetics also fully liquidated Bitcoin holdings this year. MARA Holdings and Empery Digital made substantial sales but have not abandoned their treasury strategies altogether.

Related product and historical headlines

Product developments and long-standing questions were also part of the wider discussion. A related report noted that REX launched a twice-leveraged ETF tied to Bitcoin treasury firm Strive. A separate magazine item asked whether Satoshi actually owns 1.1 million Bitcoin.

For readers tracking the 2026 retreat from Bitcoin treasury strategies, Sequans now offers a completed case: a company that entered the strategy after a large capital raise, sold Bitcoin to retire convertible debt, and ended with no crypto exposure. The broader field remains split, with some firms fully liquidating, some reducing holdings and some continuing treasury strategies despite substantial sales.