Sequans Communications (NYSE: SQNS), the French maker of 5G/4G cellular IoT and software-defined radio (SDR) chips, has completed its Bitcoin treasury exit, selling its remaining 314 Bitcoin and emerging with no cryptocurrency on its books, the company announced on September 24. The Paris-based firm described the move as the final step in a balance-sheet cleanup that leaves it debt-free outside government-financed research and focused squarely on its semiconductor business.
The final 314 Bitcoin
Sequans sold the 314 Bitcoin still held on its balance sheet as of June 30, 2026, closing a treasury exit first outlined when it redeemed its convertible debt in May 2026. The company said it now holds a strong cash position with a simpler capital structure and a clearer financial profile for investors. “The completion of our Bitcoin treasury strategy marks an important milestone for Sequans and reflects the disciplined execution of a strategy designed to strengthen our financial foundation,” said Dr. Georges Karam, CEO of Sequans.
Exiting while others accumulate
The wind-down runs against the grain of a corporate Bitcoin trend that is still expanding elsewhere. Strive lifted its treasury to 26,355 BTC with a 1,355-Bitcoin purchase earlier this month, while Strategy bought another 950 Bitcoin in its first purchase since August. Sequans, founded in 2003 and headquartered in France, framed its exit as a return to a pure-play semiconductor profile rather than a call on Bitcoin’s price.
Semiconductor momentum accelerates
Sequans is stepping away from Bitcoin as its core business accelerates. Product revenue grew more than 80% year-over-year in the second quarter of 2026, and the company’s six-month product backlog at quarter-end more than tripled versus the prior year. It is also advancing its 5G eRedCap platform and building momentum for a recently launched RF transceiver, securing a first drone design win in the second quarter of 2026 and citing growing interest across defense, drone and space markets. “By eliminating our convertible debt, monetizing our remaining Bitcoin holdings in a measured and opportunistic manner, and emerging with a very strong balance sheet, we have positioned the Company to focus entirely on executing our long-term semiconductor growth strategy,” Karam said.
A 2003 pioneer refocuses on chips
Sequans, founded in 2003 and headquartered near Paris, designs 4G and 5G cellular IoT chips and RF transceivers for software-defined radio. Its portfolio spans LTE-M, NB-IoT, Cat 1bis and 5G RedCap and eRedCap platforms, and it operates from offices across the United States, the United Kingdom, Switzerland, Israel, Finland, Taiwan and China. With the Bitcoin position now closed, the company said management can concentrate on converting a growing design-win pipeline into product revenue.
