Sequans Communications has sold its remaining 314 Bitcoin and fully exited its BTC treasury strategy after using earlier sales to cut debt and reshape its balance sheet.
Summary
- Sequans sold its remaining 314 BTC, completing its Bitcoin treasury exit and leaving no cryptocurrency on its balance sheet.
- The company had already used earlier Bitcoin sales to redeem convertible debt and now plans to focus its resources on its semiconductor business.
- Empery Digital, Nakamoto, Strategy and Smarter Web have sold portions of their Bitcoin holdings in 2026, mainly for debt payments and other financing needs.
- Unlike Sequans, several of those companies continue to hold Bitcoin, while Strategy returned to buying in September and raised its holdings to 846,000 BTC.
Sequans said on Sept. 24 that the sale covered all Bitcoin held on its balance sheet as of June 30, leaving the semiconductor company with no cryptocurrency holdings. The exit completes a process that had already accelerated this year as the company sold BTC and redeemed its convertible debt.
The decision represents a substantial change from Sequans’ position less than a year ago. In November 2025, the company said its long term conviction in Bitcoin remained unchanged after selling 970 BTC to reduce its debt from $189 million to $94.5 million.
At the time, CEO Georges Karam described the sale as a tactical decision and said it would put Sequans in a better position to expand its Bitcoin holdings later.
The company’s position changed further during 2026 as more Bitcoin was used to meet financial obligations.
Sequans Bitcoin sales accelerated in 2026
During the first quarter, Sequans sold another 1,025 BTC as revenue fell and losses grew. Its holdings had dropped to 1,114 BTC by April 30 from 2,139 BTC at the end of 2025.
Of the remaining holdings, 817 BTC were pledged as collateral against $35.9 million of convertible debt. Sequans recorded $11.7 million in realized losses from Bitcoin sales during the quarter, with the proceeds mainly going toward convertible debt redemption and its American depositary share buyback program.
The company had already sold 970 BTC in November 2025, cutting its holdings from 3,234 BTC to 2,264 BTC. That transaction halved its debt from $189 million to $94.5 million.
By May 2026, Sequans had redeemed its remaining convertible debt and outlined plans to wind down the Bitcoin treasury strategy. The final 314 BTC have now been sold.
Sequans said it has no outstanding debt apart from obligations connected to government financed research and development projects. Its balance sheet now consists of a stronger cash position without cryptocurrency exposure.
Karam said the company had eliminated its convertible debt while monetizing its remaining Bitcoin “in a measured and opportunistic manner.”
“With this transition complete, we are focused on capitalizing on the strong momentum across our semiconductor business,” Karam said.
Other Bitcoin treasury firms have been selling BTC
Sequans’ complete exit follows Bitcoin sales by several other public companies during 2026, although many of those firms have continued to hold substantial BTC reserves.
Empery Digital, for instance, has used Bitcoin sales to raise cash while reducing its debt burden. The company sold 1,400 BTC for approximately $87.1 million between May 7 and July 10, according to company disclosures previously covered by crypto.news.
Its regulatory filings show that 1,167 BTC were sold during the first six months of 2026 for $80.1 million. The original cost of the Bitcoin resulted in a realized loss of $56.8 million.
Selling continued after the end of the quarter. Empery disposed of another 1,635 BTC between July 1 and Aug. 6 and received $102.2 million in proceeds. During the same period, it repaid $20 million in borrowings and received 585 BTC that had been held by a lender as collateral.
Nakamoto took a similar approach to part of its holdings during the second quarter. The company generated approximately $48 million in net proceeds from the sale of roughly 600 BTC and certain Bitcoin derivative positions, using most of the money to repay 45 million USDT of a Bitcoin backed loan.
Nakamoto still held 4,467 BTC at the end of June, with an aggregate fair value of approximately $261.5 million, meaning the transaction represented a reduction rather than an exit from its Bitcoin strategy.
The Smarter Web Company used 177.89 BTC to repay an $11.7 million convertible instrument in July. The company sold the Bitcoin at an average price of $65,762 and completed the repayment around two weeks before the instrument matured.
Smarter Web retained 2,700 BTC following the transaction and said its long term Bitcoin strategy remained in place.
Strategy has sold Bitcoin while retaining its large treasury
Strategy, the largest corporate Bitcoin holder, has moved away from its previous pattern of near continuous accumulation at several points this year.
The company sold roughly $218 million worth of Bitcoin earlier in 2026 to help meet preferred stock dividend obligations and replenish its dollar reserves. Reuters reported in July that Strategy had authorized up to another $1.25 billion in Bitcoin sales as part of a plan that included share repurchases.
Its sales continued into the following weeks. Strategy sold Bitcoin for four consecutive weeks through early August, including 1,638 BTC for approximately $104.7 million between July 27 and Aug. 2.
Unlike Sequans, Strategy has not abandoned Bitcoin as a treasury asset. Its holdings remained above 840,000 BTC after the sales, and the company later returned to buying.
Strategy purchased 950 BTC for $75.7 million in September, taking its total holdings to 846,000 BTC. The transaction showed that corporate Bitcoin sales this year have not followed a single pattern, with some companies using portions of their reserves for financing needs while continuing their accumulation strategies.
MARA Holdings has taken another route. The Bitcoin miner sold about 23,093 BTC for roughly $1.63 billion during the first half of 2026 to fund operations, investments and liquidity needs. It still held 35,577 BTC at the end of June.
Sequans returns its focus to semiconductor business
With its Bitcoin position now at zero, Sequans said its financial and strategic resources will be directed toward its cellular IoT and software defined radio semiconductor operations.
The company reported product revenue growth of more than 80% year over year during the second quarter. Its six month product backlog at quarter end was more than three times the level recorded a year earlier.
Work is continuing on Sequans’ 5G eRedCap platform as the cellular IoT industry moves from 4G toward 5G connectivity.
Sequans is developing another business line around its recently launched RF transceiver for software defined radio applications. The company secured its first drone design win during the second quarter and said it is seeing customer interest across defense, drone and space markets.
Karam said Sequans is seeing product growth, customer adoption and licensing opportunities while continuing work on its 5G eRedCap and software defined radio platforms.
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