Sequans Redeems Bitcoin Debt, Refocuses on IoT Chips

Sequans Communications completed redemption of all debt tied to its bitcoin treasury after selling nearly 80% of its bitcoin holdings, the Paris-based semiconductor maker reported Thursday. The company now holds 658 BTC that it describes as fully unencumbered.

Proceeds from the bitcoin sales were used to retire the remaining debt. Sequans said it plans to “monetize” the remaining bitcoins over time but did not specify whether that will involve outright sales, using the holdings as collateral, or another on-chain approach.

Sequans began building a bitcoin treasury less than a year ago. In June 2025 the company announced plans to raise roughly $385 million through debt and equity to fund the initiative. In July it set out to accumulate about 3,000 BTC within weeks and reported surpassing that target by the end of the month, with additional smaller purchases in September and October.

Bitcoin’s price fell from an all-time high above $126,000 to about $80,000, and Sequans reduced its position as prices declined. The company sold 970 BTC in November, 125 BTC in February and disclosed a sale of 1,025 BTC in the first quarter. Holdings stood at 1,114 BTC as of April 30; the final round of sales tied to the debt redemption lowered the balance to 658 BTC.

During its first-quarter earnings call, Sequans had already indicated it would stop using bitcoin as a corporate treasury policy. CEO Georges Karam called the debt redemption “an important turning point,” adding that the company had strengthened its balance sheet, simplified its capital structure and was “now fully focused on scaling our IoT semiconductor business.”

Sequans plans to concentrate on its 4G and 5G Internet of Things semiconductor operations, including chips for smart metering, asset tracking, telematics, security and industrial IoT applications. The company also intends to expand its RF transceiver business for software applications in defense and drone systems.

Sequans’ shares rose about 2% on the day of the announcement. Investors who bought shares at the peak of the company’s bitcoin-related rally in July 2025 face paper losses that exceed 90%.