Sequans sells its last 314 bitcoin and ends its treasury strategy; it once held more than 3,200

Sequans Communications, a French maker of cellular chips for connected devices, said on Thursday it has sold the 314 bitcoin it held at the end of June. That ends a bitcoin treasury strategy it started about 15 months ago. The company said it now has no cryptocurrency and no debt apart from obligations tied to government-financed research projects, according to its press release.

Sequans started buying bitcoin in June 2025 after announcing a $384 million sale of equity and convertible secured debentures, and at one point held more than 3,200 BTC, Cointelegraph reported. It began selling within six months, selling 970 BTC in November to redeem half of the convertible debt. In May 2026 it said it was no longer pursuing the strategy. The rest of the debt was redeemed that month.

What the release leaves out

The announcement does not say what price Sequans got for the last 314 coins, when in the quarter it sold them, or how much cash it now holds. It says only that the company "now holds a strong cash position."

The coins were worth about $26.4 million at Thursday's Coinbase price of roughly $84,060. That is a large amount next to the company itself. Nasdaq lists Sequans' market value at about $44.4 million, with the stock at $2.97 in afternoon trading, little changed on the day. So the last slice of bitcoin alone was worth close to 60% of what the market says the whole company is worth. Depending on when the coins were sold, the actual proceeds could be higher or lower.

The full stack looks worse against the money raised. At Thursday's price, 3,200 bitcoin would be worth about $269 million, below the $384 million Sequans raised to launch the strategy. That is not a precise loss figure: not all of the raise necessarily went into bitcoin, and the company has not published its average cost. It does show that the plan ended with bitcoin well below where it needed to be. The stock's 52-week range, $2.38 to $10.42, tells the same story.

Part of a wider unwind

Sequans is not alone. Cointelegraph cited VanEck's Matthew Sigel, who counted at least nine companies that had fully sold or abandoned bitcoin and crypto treasury strategies in 2026 as of late July, with others cutting their holdings. Bitdeer, Genius Group and Prenetics have fully liquidated this year, and UK-listed Satsuma Technology's board authorized the sale of its 669 BTC.

The reasons Sigel cited vary: debt repayment, working capital, returning cash to shareholders and changes in business strategy. Debt is the one to watch. A company that borrows against its stock to buy bitcoin has to repay in cash when the notes come due, whatever bitcoin is doing. Sequans used its coins for exactly that. For bitcoin traders, the question is how many smaller holders still have convertibles outstanding, because those are the likeliest forced sellers. For comparison, see how Strategy, the largest corporate holder, is funding itself now.

What the company says it is now

Sequans says it is going back to being a pure semiconductor company. It said second-quarter product revenue grew more than 80% from a year earlier and its six-month product backlog more than tripled. It did not give dollar figures for either in Thursday's release. It also cited its 5G eRedCap chip platform and a first drone design win for its software-defined radio transceiver.

Live prices: crypto prices.

Sources: Sequans Communications press release; Cointelegraph; Coinbase Exchange; Nasdaq. Bitcoin value calculations use the Coinbase BTC-USD price at about 2 p.m. ET on Sept. 24, 2026. This is market information, not investment advice.