French Semiconductor Firm Dumps Bitcoin Treasury Strategy to Refocus on Core Business

Sequans Communications has ended its Bitcoin treasury strategy and is returning focus to its IoT semiconductor operations.
The company repaid all convertible debt using proceeds from Bitcoin sales and plans to gradually liquidate its remaining 658 BTC.
Sequans accumulated more than 3,000 BTC during 2025, but falling prices and financial pressures led to a major reduction in holdings.

French chipmaker Sequans Communications has officially ended the Bitcoin treasury strategy it launched last year, saying it will now prioritise growth in its IoT semiconductor business. The company still holds 658 Bitcoin worth roughly US$48 million (AU$67.2 million) but plans to monetise the remaining assets over time.

Sequans stated that all convertible debt linked to the strategy has now been repaid using proceeds generated from earlier Bitcoin sales. The company described its remaining Bitcoin reserves as “fully unencumbered” following the debt redemption.

The treasury initiative began in June 2025 after Sequans announced plans to raise about US$385 million (AU$539 million) to accumulate Bitcoin. The strategy was introduced shortly after the company faced a New York Stock Exchange delisting warning tied to its market capitalisation and shareholders’ equity levels.

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The Post-Bitcoin Reset

By late 2025, Sequans had amassed more than 3,000 BTC and promoted Bitcoin as a long-term reserve asset. However, weakening Bitcoin prices and debt obligations forced the company to begin liquidating portions of its holdings.

The company reduced its Bitcoin reserves through a series of sales beginning in November 2025, including the disposal of 970 BTC that month. Additional sales during 2026 lowered total holdings to 658 BTC.

Chief executive Georges Karam said the company has strengthened its balance sheet and simplified its capital structure. Sequans added that it is now concentrating on expanding its IoT semiconductor product portfolio and advancing its 5G eRedCap technology platform.

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