Sequans Communications, the Paris-based IoT cellular semiconductor company (NYSE: SQNS), has completed its full redemption of convertible debt. The funds were raised by selling a portion of its Bitcoin holdings — bringing a short-lived and costly digital asset treasury experiment to a close.
The current holdings of the company are approximately 658 BTC. “fully unencumbered,” Following the retirement in 2025 of all convertibles notes. Sequans stated that it intends to monetize Bitcoin over the years, but did not provide a timeframe or a method.
Sequans bitcoin bet backfired
Retreat caps a strategy that began Sequans, a company based in San Francisco announced its plans to raise an estimated $385,000,000 through debt and equity for a Bitcoin Treasury.
Georges Karam had described Bitcoin by late July. “long-term store of value for our shareholders,” With a target to accumulate 3,000 BTC with in weeks. By the end of a month, they had reached that milestone.
Bitcoin began to unwind in November 2025, after it fell by an astounding amount. all-time high above $126k to about $80k Sequans sold 970 BTC that month, followed by 125 BTC in February 2026, and another 1,025 BTC during the first quarter — reducing holdings to 1,114 BTC as of April 30. The announcement on Thursday confirmed that the total amount of BTC sold was 658 BTC. This represents a reduction of over 80% from peak levels.
Investors, who purchased shares during the height of Bitcoin enthusiasm in July of last year are suffering losses greater than 90 %. SQNS’s shares rose by 10% Thursday after the announcement.
After the debt is retired, Sequans moves to a new phase of its business. “near debt-free balance sheet,” The company will have greater flexibility financially in the second quarter of 2026. It eliminates any collateral requirements tied to Bitcoin’s volatile price. Management had previously flagged this risk in previous filings.
“We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business,” Karam’s Thursday statement.
Sequans has refocused its efforts on 4G LTE M and Cat-1bis chipets that serve a variety of markets, including asset tracking, smart meters, telematics and security. The company is also advancing its 5G eRedCap platform — a next-generation cellular IoT standard — as a long-term growth driver.
Karam said that Thursday’s news marked the beginning of a new phase in operations. “Execute on our growing 4G and RF transceiver product portfolio, accelerate our path to profitability, and advance our 5G roadmap,” He said.
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Source: bitcoinmagazine.com
