Sequans ends Bitcoin treasury bet for IoT chips
Chipmaker Sequans has ended its Bitcoin treasury strategy, selling most of its holdings to clear debt.
- Sequans redeemed all its July 2025 convertible debt by selling part of its Bitcoin holdings.
- The chipmaker kept about 658 BTC and plans to sell the rest over time.
- CEO Georges Karam says the firm is now fully focused on IoT semiconductors.
French chipmaker Sequans has ended its Bitcoin treasury strategy after less than a year. The company sold part of its holdings to redeem convertible debt and refocus on its core chip business.
The unwind caps a rapid retreat from crypto. Sequans disclosed on May 28 that it fully redeemed all remaining July 2025 convertible debt, leaving roughly 658 unrestricted BTC it plans to monetise over time.
How Sequans unwound its Bitcoin treasury
Sequans launched the strategy in July 2025, raising about $384 million through equity and convertible debt to buy Bitcoin. Its stack peaked above 3,200 BTC at an average cost near $116,000 per coin.
The position soured as Bitcoin fell from highs above $126,000 and the firm’s chip revenue declined. Selling intensified, and the latest sale of 456 BTC brought total disposals past 80% of peak holdings.
“We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business,” CEO Georges Karam said.
What the retreat signals for corporate holders
Sequans is not alone. The firm had already sold half its Bitcoin in May as debt pressure mounted, and crypto.news has reported on smaller treasury firms facing forced sales in a weak market.
The backdrop is unforgiving. Bitcoin traded near $75,000 this week, well below the levels where Sequans built its stack, leaving leveraged holders exposed.
Sequans now plans to prioritise its 4G LTE-M and Cat-1bis chipsets and advance its 5G eRedCap platform as it pushes toward profitability.
