Sequans Communications has sold its remaining 314 BTC, fully completing its exit from the bitcoin treasury strategy that at times saw the company hold over 3,200 BTC. On Thursday, the company announced that the program's conclusion followed the May repayment of its convertible debt and will allow it to focus on its core areas—cellular IoT and software-defined radio.

Strategy launched in June 2025, wind-down began in November

Sequans' bitcoin treasury was launched in June 2025 after the company announced a share placement and secured convertible debentures totaling $384 million. By November, the company had sold 970 BTC to repay half of its convertible debt, and by May 2026 stated it would no longer pursue the strategy and would monetize the remaining holdings over time. According to CEO Georges Karam, the bitcoin sales enabled the company to eliminate its convertible debt and strengthen its balance sheet; there are now no crypto assets on the balance sheet and no overdue obligations aside from government-funded R&D programs.

More exits from bitcoin treasuries in 2026

In 2026, amid a bear market, more companies are reducing or winding down their crypto treasuries. At the end of July, VanEck Head of Digital Assets Research Matthew Sigel counted at least nine companies that had fully liquidated or abandoned such strategies, with several others reducing their positions. Among them is UK-listed Satsuma Technology: in July 2025, it raised £100 million ($135 million) through convertible loans to expand its bitcoin treasury, but a year later shareholders voted to return capital, delist, and sell its entire holding of 669 BTC. Bitdeer, Genius Group, and Prenetics also fully exited; MARA Holdings and Empery Digital made significant sales without abandoning the strategy entirely. Reasons cited include debt repayment, working capital needs, returning funds to shareholders, and shifts in business priorities.