The France-based semiconductor company Sequans Communications is winding down a crypto treasury strategy it launched less than a year ago, saying it will liquidate its remaining Bitcoin holdings as it refocuses on its core business.
In a Thursday notice, Sequans said it held 658 Bitcoin worth approximately $48 million at the time of publication, describing the holdings as “fully unencumbered” and unrestricted. The company said it had “concluded” its digital asset treasury strategy launched in June 2025 and would “monetize remaining holdings over time.”
The company also confirmed it had fully redeemed all convertible debt issued in July 2025, funded in part through earlier Bitcoin liquidations.
CEO Georges Karam said the company was “fully focused on scaling its Internet of Things semiconductor business,” making no mention of future crypto investment plans. Sequans’ NYSE-traded shares, which had lost more than 75% since last June, rose more than 14.5% in morning trading following the announcement.
The pivot comes after Bitcoin’s price declined more than 30% since Sequans launched its treasury strategy — falling from approximately $105,419 to around $72,780. At the time of launch, Karam had described Bitcoin as “a premier asset and a compelling long-term investment.” The company had announced the sale of $384 million in equity securities and convertible secured debentures to fund the strategy.
The exit reduces the number of publicly traded European companies holding Bitcoin or other cryptocurrencies to 40, according to Bitcoin Treasuries. By comparison, 67 publicly traded US companies currently hold Bitcoin, including Strategy, which announced a $2 billion Bitcoin purchase on May 18, bringing its total holdings to 843,738 BTC.
Meanwhile, fellow France-based Bitcoin treasury company Capital B announced last week that it had purchased more than $15 million worth of BTC, bringing its total holdings to 3,135 coins. The company’s stock has since fallen more than 16%. Bitcoin Treasuries ranks Capital B as the 25th-largest BTC corporate treasury globally, behind Germany’s Bitcoin Group SE.
Source: Sequans Communications Abandons Bitcoin Treasury, Plans to Liquidate 658 BTC