French semiconductor company Sequans liquidated 314 bitcoins, exiting its bitcoin reserve strategy

French semiconductor company Sequans Communications has sold its last 314 bitcoins, completing its exit from the bitcoin reserve strategy, having previously held over 3,200 BTC. Sequans stated that this exit was conducted after the redemption of convertible bonds completed in May, allowing it to refocus on its core cellular IoT and software-defined radio business.

Sequans CEO Georges Karam stated that the company used the proceeds from the bitcoin sales to pay off convertible bonds and strengthen its balance sheet. Currently, Sequans holds no cryptocurrency and has no outstanding debts other than government-funded R&D obligations. Sequans launched its bitcoin reserve strategy in June 2025, announcing a $384 million equity security and convertible secured bond issuance, with Karam at the time calling bitcoin a primary asset and an attractive long-term investment.

The company began to reduce its holdings less than six months later, selling 970 BTC in November to redeem half of the convertible bonds. By May 2026, Sequans indicated that it would no longer pursue the reserve strategy and would gradually liquidate the remaining bitcoins. During the 2026 crypto bear market, an increasing number of digital asset reserve companies abandoned or scaled back their accumulation strategies. VanEck's head of digital asset research, Matthew Sigel, noted at the end of July that at least nine companies had completely liquidated or abandoned their bitcoin and cryptocurrency reserve strategies in 2026.