Sequans Communications announced on Thursday that it has sold its remaining 314 Bitcoin, fully exiting the cryptocurrency treasury strategy it launched in June 2025.
The French semiconductor maker initially accumulated more than 3,200 BTC after a $384 million equity and convertible debenture offering. Proceeds from Bitcoin sales were used to redeem convertible debt and shore up the balance sheet, eliminating all crypto holdings and leaving only government‑financed R&D obligations.
Sequans began trimming its position less than six months after the launch, selling 970 BTC in November 2025 to retire half of its convertible debt. By May 2026 the company said it would no longer pursue the treasury strategy and would monetize the remaining Bitcoin over time. The latest sale of 314 BTC marks the completion of that plan.
VanEck’s head of digital assets research, Matthew Sigel, identified at least nine firms that have fully liquidated or abandoned Bitcoin treasury programs in 2026, citing debt repayment, working‑capital needs, shareholder returns and strategic shifts. Notable examples include Satsuma Technology, which raised £100 million in July 2025 to expand its Bitcoin treasury before liquidating its 669 BTC position and closing its listing, as well as Bitdeer, Genius Group and Prenetics, which also sold all of their holdings. MARA Holdings and Empery Digital have made sizable sales while retaining some Bitcoin.
The wave of exits reflects a broader retreat from corporate Bitcoin treasury strategies amid a prolonged crypto bear market.
