French semiconductor company Sequans Communications has sold its final 314 Bitcoin, completing its exit from a crypto treasury strategy that, less than a year earlier, had envisioned eventually accumulating as much as 100,000 BTC.

Sequans confirmed the final sale on September 24. The 314 BTC represented the company's entire remaining cryptocurrency balance as of June 30. The company now has no Bitcoin on its balance sheet, and its only outstanding debt consists of obligations connected to government-financed research and development projects. The round trip, from a stated 100,000 BTC accumulation target to a balance sheet with no digital assets, was carried out by selling the Bitcoin itself to redeem the convertible debt that helped finance the original purchases.

Sequans said the proceeds from its remaining Bitcoin were monetized as part of a broader effort to strengthen cash reserves and simplify its capital structure. Bitcoin traded near $84,400 on September 25, up roughly 10% over seven days.

Treasury Strategy Lasted Little More Than a Year

Sequans launched its Bitcoin strategy in June 2025 through a $384 million financing that combined approximately $195 million of equity with $189 million of convertible secured debt. At the time, CEO Georges Karam said the strategy reflected the company's "strong conviction in bitcoin as a premier asset and a compelling long-term investment."

Purchases accelerated quickly. Sequans held 3,171 BTC by August 2025 after adding another 13 Bitcoin, and it subsequently announced a target of accumulating 100,000 BTC by 2030.

The first major reversal arrived in November 2025, when the company sold 970 BTC to redeem half of its convertible debt. The transaction cut outstanding convertible debt from $189 million to $94.5 million while reducing Bitcoin holdings from 3,234 BTC to 2,264 BTC. Karam said at that stage that Sequans' conviction in Bitcoin remained unchanged and described the sale as a tactical capital-allocation decision. The financing structure later became a reference point in wider concerns over the use of convertible debt by corporate Bitcoin treasuries.

Debt Redemption Accelerated the Bitcoin Exit

Sequans made the shift permanent in May 2026, when it redeemed all remaining convertible debt using proceeds from additional Bitcoin sales. The company retained approximately 658 unrestricted BTC after that transaction but formally ended its digital asset treasury strategy, saying the remaining holdings would be monetized over time.

By June 30, Sequans had reduced the position to 314 BTC and held $21 million in cash. Bitcoin sales during the second quarter produced a $5.3 million realized net gain while helping finance the debt redemption and increase cash reserves.

Sequans will now direct its capital toward its 4G and 5G cellular IoT semiconductor business, 5G eRedCap development, and software-defined radio products. Product revenue rose 83.7% year over year in the second quarter, while the company's six-month product backlog more than tripled from the previous year. With no cryptocurrency left to monetize, those operating metrics now serve as the primary gauge of how the company's post-Bitcoin chapter is progressing.

The exit moves Sequans in the opposite direction from companies still expanding their Bitcoin reserves. Strategy added another 950 BTC this week, raising its holdings to 846,000 BTC.

Sequans' balance sheet now contains no cryptocurrency and no convertible debt, closing out a treasury strategy that began with its first 370 BTC purchase in July 2025. The company detailed the completed exit in an official announcement.

Source: Crypto Adventure