The Paris-based IoT chipmaker cut holdings from more than 3,200 BTC to 314, used sale proceeds to redeem July 2025 convertible debt, and is refocusing on semiconductors.
Sequans Communications, a Paris-based IoT semiconductor company listed on the NYSE under ticker SQNS, is dismantling the Bitcoin treasury strategy it launched in July 2025 after selling 344 Bitcoin in Q2 2026 and signaling plans to sell the remaining 314 BTC on its balance sheet. The company once held more than 3,200 BTC, so the position had been reduced by roughly 90% by June 30, 2026, when the remaining coins were valued at $18.4 million. Sequans said proceeds from Bitcoin sales were used to fully redeem convertible debt (bonds that can convert into shares) issued in July 2025, with the redemption completed on May 28, 2026. The shift comes as the company pivots back to its core chip business: Q2 2026 revenue was $7.5 million, up 23% quarter over quarter, while IoT semiconductor product sales rose 83.7% year over year excluding one-time items. Sequans recorded a realized net gain of $5.3 million from Bitcoin sales during the quarter, but still posted a net loss of $9.8 million. CEO Dr. Georges Karam said the company continues to "manage and monetize its Bitcoin position" while returning its focus to operations, and Sequans has said it will take a "disciplined approach" to divesting the rest of its unrestricted Bitcoin treasury strategy (holding Bitcoin as a corporate reserve asset).