Sequans sells its last 314 BTC and leaves the treasury strategy entirely
Serguey Asael Shinder1 min readSequans Communications has sold its remaining 314 bitcoin and completed its exit from a treasury strategy that once held more than 3,200 BTC, Cointelegraph reported on 24 September 2026. The company says the exit follows the redemption of its convertible debt in May and lets it refocus on cellular internet-of-things and software-defined radio.
Chief executive Georges Karam said the bitcoin sales were used to eliminate the convertible debt and strengthen the balance sheet, leaving the company with no cryptocurrency holdings and no outstanding debt beyond government-financed research and development obligations. The strategy began in June 2025, announced alongside a $384 million sale of equity and convertible securities.
What it means
The arithmetic of a corporate bitcoin treasury usually runs through the debt that bought it. Sequans raised $384 million partly in convertibles, bought bitcoin, and has now sold the bitcoin to retire the convertibles - which means the position was never really a treasury allocation, it was a leveraged trade with the company's balance sheet as collateral.
Exits like this are worth watching for what they say about the funding window rather than about bitcoin. A convertible is refinanced or repaid; when refinancing is not attractive, the asset bought with it is what gets sold, regardless of the view on the asset. A firm with no crypto and no debt is in a better position to do its actual business, and that sentence is the whole story.