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Sequans dumps $<a href="https://minority-mindset.com/btc-usd/">BTC</a> reserve, pivots back to IoT chips after debt cleared

As a researcher following the semiconductor industry, I’ve learned that Sequans Communications, a chipmaker based in Paris, has completely liquidated its Bitcoin holdings. They sold approximately 80% of their Bitcoin to pay off convertible debt and are now fully concentrating their efforts back on developing semiconductor technology.

Summary

  • Sequans sold approximately 2,120 BTC over several months, leaving just 658 BTC fully unrestricted on its balance sheet.
  • CEO Georges Karam says the move strengthens the company’s balance sheet and simplifies its capital structure.
  • The company will now concentrate on scaling its 4G/5G IoT semiconductor, RF transceiver, and defense wireless application businesses.

As a researcher following Sequans Communications, I’ve observed a significant shift in their financial strategy. They announced today that they’ve fully paid off all the convertible debt related to their bitcoin holdings. This essentially marks the end of the bitcoin accumulation plan they started less than a year ago – a surprisingly quick turnaround.

As a crypto investor, I noticed the company recently sold off almost 80% of its Bitcoin to pay down some debt. They still hold around 658 BTC, but the best part is that all of those remaining coins are now completely free and clear – they’ve paid off all their obligations, which is a great sign for future flexibility.

Sequans gradually sold off its Bitcoin holdings. They sold 970 BTC in November 2025, 125 BTC in February 2026, and an additional 1,025 BTC in the first three months of the year. By April 30th, they had 1,114 BTC remaining.

A treasury built fast, unwound faster

In July 2025, Sequans began investing in Bitcoin, raising $384 million through a private placement – $195 million from equity and $189 million from convertible notes. The company immediately used almost all of the funds to purchase BTC. CEO Georges Karam explained that Bitcoin’s limited supply and strong performance made it a better alternative to holding traditional cash.

That previous financial situation has now been completely resolved. According to Sequans Communications’ announcement, CEO Karam stated, “Paying off our debt is a major step forward for the company. We’ve improved our financial health, made our finances simpler, and can now concentrate on growing our IoT semiconductor business.”

My research revealed that in the first quarter of 2026, we experienced $11.7 million in losses. This was a particularly difficult period as revenue was down and our overall losses were increasing. This put a lot of strain on our financial model, which relied on the price of Bitcoin continuing to rise so we could cover our debts.

Back to chips

Sequans plans to focus on its original strengths: making 4G and 5G chips, radio frequency components, and wireless technology for defense. This shift means the company will move away from its recent efforts in cryptocurrency and concentrate on its core businesses.

This decision places Sequans among a limited number of companies that experimented with holding Bitcoin as a corporate treasury asset but later backed away. This is different from companies like Strategy, which has continued to buy Bitcoin and held 713,502 BTC as of February 2026, with a total investment of $54.26 billion.

Sequans now has full control of its 658 Bitcoin holdings. While this gives them flexibility, company leaders currently indicate they plan to use the funds for business operations instead of investing in more cryptocurrency.

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2026-05-28 22:28