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Sequans Communications is making a decisive move. The French company, which specializes in cellular IoT chips, has just repaid all of its remaining convertible debt—financed directly by selling part of its Bitcoin holdings. Essentially, the crypto experiment is over, having lasted only about a year.
There are still 658 BTC on the books. Sequans describes them as “fully unencumbered,” meaning they are no longer pledged as collateral for any obligations. The company plans to monetize this remainder “gradually,” without specifying a precise timeline or method. It’s unclear whether this will involve open market sales, an OTC deal, or something else. The source does not specify.
From a 3,000 BTC Ambition to a Massive Liquidation
It all started in June 2025. Sequans announced a plan to raise $385 million—through a combination of debt and equity—to build a Bitcoin treasury. CEO Georges Karam described Bitcoin as a “long-term store of value for our shareholders.” The goal was to accumulate 3,000 BTC within a few weeks. The target was reached before the end of July 2025. Quite ambitious for a semiconductor manufacturer.
Then things went awry.
Starting in November 2025, when Bitcoin slid from an all-time high of over $126,000 to $80,000, Sequans began selling. First, 970 BTC in November. Then 125 BTC in February 2026. Then 1,025 BTC during the first quarter of 2026. By April 30, the position had fallen to 1,114 BTC. Thursday’s announcement confirmed another cut, bringing the total down to 658 BTC. By calculation, Sequans sold more than 80% of its holdings at the peak—a massive liquidation by any standard.
Shareholders who bought SQNS shares at the height of Bitcoin enthusiasm in July 2025 are facing losses of over 90%. Not exactly the kind of result you put in a press release. Yet, on Thursday, the stock jumped 10% after the announcement. The market seems relieved that this chapter is closed.
Karam Puts Semiconductors Back at the Core
With the debt cleared, Sequans now presents itself as a company with an “almost debt-free balance sheet.” For management, this opens up room for maneuver in the second half of 2026. No more margin calls linked to Bitcoin’s volatility—a risk Karam himself had mentioned in previous statements.
Karam said on Thursday: “We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on expanding our IoT semiconductor business.”
Short. Direct. No nostalgia for Bitcoin.
Sequans is refocusing on its 4G LTE-M and Cat-1bis chipsets. These chips serve markets like smart metering, asset tracking, telematics, security, and industrial IoT. These are fast-moving segments, driven by the proliferation of connected devices in industry and infrastructure. Karam also highlighted the acceleration towards profitability and the advancement of the 5G roadmap.
The 5G eRedCap platform—a next-generation cellular IoT standard—is presented as the long-term growth engine. Sequans bets that this segment will gain momentum, although the adoption timeline remains difficult to predict in this type of technology cycle.
No details on expected revenue volumes or engaged clients for these 5G products. The source remains vague on forward-looking figures.
What is clear is that the simplified capital structure gives Sequans a cleaner position to pursue partnerships or contracts in industrial IoT—a sector where sales cycles are long but volumes can be huge once a design is integrated into a client platform.
Sequans’ Bitcoin episode will likely remain in the annals as an example of what can go wrong when a mid-cap tech company decides to turn its balance sheet into a speculative vehicle on cryptos. The timing was bad—entering as Bitcoin approached its historical highs, selling as it corrected. And ordinary shareholders paid the price.
Nevertheless, Karam managed to exit without bankruptcy and without convertible debt on the back. That’s probably the real outcome of Thursday. There are still 658 BTC to offload, and the company says it will do so gradually.
Frequently Asked Questions
How much Bitcoin does Sequans still hold after the recent sales?
Sequans holds about 658 BTC, described as “fully unencumbered”—with no collateral attached to any debt.
Why did Sequans sell the majority of its Bitcoin?
The company began selling from November 2025 when Bitcoin fell from a peak of over $126,000 to $80,000, in order to repay its convertible obligations issued in July 2025.
What is Sequans’ strategy now?
Sequans is refocusing its efforts on its 4G LTE-M and Cat-1bis chipsets and the development of its 5G eRedCap platform, aiming to accelerate its path to profitability.
