Sequans Communications S.A. (NYSE: SQNS), a semiconductor company founded in 2003, has completed the sale of its remaining 314 Bitcoin holdings, which were held on its balance sheet. The sale was finalized as of June 30, 2026, marking the end of the company's cryptocurrency holdings. The convertible debt, which was redeemed in May 2026, has also been settled, leaving Sequans with no outstanding debt outside of government-financed R&D projects.
In the second quarter of 2026, Sequans reported a significant increase in product revenue, with a more than 80% year-over-year growth. The company's six-month product backlog at the end of the quarter tripled compared to the prior year. Sequans is continuing the development of its 5G eRedCap platform to support the cellular IoT industry's transition from 4G to 5G. The company secured its first drone design win in the second quarter of 2026 for its RF transceiver used in software-defined radio applications. Additionally, Sequans has a growing pipeline of opportunities for its RF transceiver product across defense, drone, and space markets.
Dr. Georges Karam, CEO of Sequans, stated: "The completion of our Bitcoin treasury strategy marks an important milestone for Sequans and reflects the disciplined execution of a strategy designed to strengthen our financial foundation."
