Sequans Communications (NYSE:SQNS), a Paris-based cellular IoT semiconductor company, has completed full repayment of its remaining convertible debt, funded through the sale of a portion of its equity. Part of its holdings are Bitcoin – Ending the short-term and expensive digital asset treasury experience.
The company now owns approximately 658 bitcoins, described as “completely unpegged,” following the retirement of all convertible notes issued in July 2025. Sequans said it plans to invest the remaining bitcoin over time, though it did not specify a timeline or method.
Sequans’ Bitcoin Bet That Backfired
Back off Strategy caps started In June 2025, when Sequans announced plans to raise $385 million through debt and equity to start a Bitcoin treasury.
By late July, CEO George Karam described Bitcoin as a “long-term store of value for our shareholders,” with the goal of amassing 3,000 Bitcoin within weeks. The company surpassed that limit by the end of the month.
The decline began in November 2025 after Bitcoin fell from a record high Highest level ever $126,000 to about $80,000. Sequins 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. Thursday’s announcement confirmed a further reduction to 658 BTC, reflecting total sales of more than 80% of peak holdings.
Investors who bought the stock at the height of Bitcoin enthusiasm last July suffered losses of more than 90%. SQNS shares rose 10% on Thursday after the announcement.
With the retirement of debt, Sequans is moving to what it calls a “near-debt-free balance sheet,” giving the company greater financial flexibility heading into the second half of 2026. The move eliminates collateral obligations tied to Bitcoin price volatility, a risk that management has noted in previous filings.
“We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on expanding our IoT semiconductor business,” Karam said in a statement on Thursday.
Sequans’ renewed focus is on 4G LTE-M and Cat-1bis chipsets, serving markets including smart metering, asset tracking, IT, security, and IIoT. The company is also developing the 5G eRedCap platform – a next-generation cellular IoT standard – as a long-term growth driver.
Karam described Thursday’s announcement as the beginning of a focused operational phase. “Implementing our growing product portfolio of 4G and RF transceivers, accelerating our path to profitability, and advancing our 5G roadmap,” he said.
