French chipmaker Sequans has completed its withdrawal from Bitcoin investments, selling approximately 80% of its peak holdings to address financial obligations. The company redeemed all remaining July 2025 convertible debt by selling part of its Bitcoin position, leaving roughly 658 BTC that it plans to monetize over time. CEO Georges Karam stated that the firm has strengthened its balance sheet, simplified its capital structure, and is now fully focused on scaling its IoT semiconductor business. The Paris-based company announced the completion of its Bitcoin exit on May 28, 2026, marking a sharp reversal from its aggressive accumulation strategy less than a year prior.
The company launched its Bitcoin strategy in June 2025, announcing plans to raise approximately $385 million through debt and equity to purchase Bitcoin. By July 2025, Sequans had issued convertible notes and crossed the 3,000 BTC threshold within weeks. The position deteriorated as Bitcoin fell from highs above $126,000 to roughly $80,000 in November 2025, prompting the company to sell 970 BTC that month. Additional tranches followed: 125 BTC in February 2026 and 1,025 BTC during Q1 2026. By April 30, 2026, holdings had shrunk to 1,114 BTC, with the final sales completing the exit by late May. The unwind accelerated after Bitcoin's November 2025 price collapse, leaving the company with 658 BTC in "fully unencumbered" holdings.
The strategy reversal proved costly for early shareholders, with investors who purchased SQNS shares at the July 2025 peak experiencing 90% losses, according to the company's announcement materials. However, the stock price rose 10% on the May 28 debt retirement announcement, suggesting market approval of the deleveraging move. The retreat reflects broader challenges facing corporate Bitcoin holders, with Sequans having already sold half its Bitcoin position in May as debt pressure mounted. The company now plans to prioritize its 4G LTE-M and Cat-1bis chipsets and advance its 5G eRedCap platform as it pushes toward profitability.
