TLDR
- Sequans Communications sold 970 Bitcoin out of its 3,234 BTC holdings to pay down half of its $189 million convertible debt
- The sale reduced Sequans’ debt load from $189 million to $94.5 million and lowered its debt-to-net-asset-value ratio from 55% to 39%
- Sequans stock dropped 16.6% to $5.92 following the announcement, now trading 89% below its 2025 high of $53.90
- The company fell from 29th to 33rd place on the Bitcoin Treasuries leaderboard of publicly traded companies holding Bitcoin
- CEO Georges Karam stated the Bitcoin treasury strategy remains unchanged and called the sale a tactical decision based on current market conditions
Sequans Communications sold 970 Bitcoin on Tuesday to redeem half of its outstanding convertible debt. The Paris-based semiconductor company framed the move as a strategic asset reallocation.
The sale cut Sequans’ Bitcoin reserves from 3,234 BTC to 2,264 BTC. The remaining holdings are worth approximately $232 million at current prices.
JUST IN: 🇫🇷 Sequans becomes the first Bitcoin Treasury Company to officially sell part of its Bitcoin holdings.
The firm announced it had sold 970 BTC in order to redeemed 50% of its convertible debt from its July 7, 2025 offering,
This move reduces Sequans’ total outstanding… pic.twitter.com/cQxHEpo9Sk
— Bitcoin News (@BitcoinNewsCom) November 4, 2025
Proceeds from the sale were used to pay down $94.5 million of the company’s convertible debt. This reduced total outstanding debt from $189 million to $94.5 million.
The transaction also lowered Sequans’ debt-to-net-asset-value ratio from 55% to 39%. Company executives said this would provide more financial flexibility.
CEO Georges Karam addressed the sale in a statement on Tuesday. He emphasized that the company’s Bitcoin treasury strategy and conviction in Bitcoin remain unchanged.
“This transaction was a tactical decision aimed at unlocking shareholder value given current market conditions,” Karam said. He added that the move strengthens the company’s financial foundation and removes certain debt covenant constraints.
Investors reacted negatively to the news. Sequans stock fell 16.6% to $5.92 on Tuesday.
Sequans Communications S.A., SQNS
The stock now trades 89% below its 2025 high of $53.90. That peak came about a week after Sequans unveiled its Bitcoin accumulation plans in late June.
Bitcoin Treasury Strategy Takes a Hit
Sequans announced its Bitcoin treasury initiative in June. The company raised $385 million through debt and equity placements advised by Swan Bitcoin.
The strategy was modeled on MicroStrategy’s approach of using proceeds from securities offerings to buy and hold Bitcoin as a reserve asset. Sequans had set a goal to accumulate 100,000 BTC over the next five years.
The recent sale represents a step backward from that goal. It marks the first time a publicly listed Bitcoin treasury company has sold a substantial portion of its holdings.
Crypto analysts spotted the transaction last week. On October 29, they flagged a 2,264 BTC transfer from a wallet linked to Sequans to a Coinbase address.
Corporate Bitcoin Holdings Ranking Drops
The sale dropped Sequans from 29th to 33rd place on the Bitcoin Treasuries leaderboard. This list ranks publicly traded companies by their Bitcoin holdings.
More than 200 publicly traded companies now hold Bitcoin on their balance sheets. The trend accelerated after spot Bitcoin ETFs launched in the United States.
Many companies saw their stocks rally after announcing Bitcoin treasury strategies. However, many have since declined after the initial enthusiasm faded.
Sequans stock has fallen 56% since the company began its Bitcoin treasury program. The stock traded near $6.20 on Tuesday.
Bitcoin itself slipped below $103,000 on Tuesday. This marked its lowest level in more than four months.
Karam said the debt reduction would enhance flexibility for the company’s American Depositary Share buyback program. It would also support potential preferred-share issuance while maintaining long-term treasury optionality.
The company described the move as aimed at pursuing a wider set of strategic initiatives. Management said they would continue to develop and grow their treasury with Bitcoin as a long-term strategic reserve asset.
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