Sequans to Sell 658 BTC, Refocus on IoT Semiconductors

Sequans Communications, the France-based semiconductor company, said Thursday it will end its digital-asset treasury program and monetize the 658 Bitcoin it still holds, valued at roughly $48 million at the time of the filing. The company framed the decision as part of a renewed focus on its Internet of Things semiconductor business.

In a notice to investors, Sequans said the remaining 658 BTC are fully unencumbered and unrestricted and will be sold over time. The filing did not provide a schedule for the sales or indicate plans to buy additional digital assets.

Sequans launched the Bitcoin treasury program in June 2025 alongside a $384 million offering of equity securities and convertible secured debentures. At that time, CEO Georges Karam described Bitcoin as “a premier asset and a compelling long-term investment.” The company also reported it fully redeemed the convertible debt issued in July 2025, a process it said was funded by earlier liquidations of some Bitcoin holdings.

NYSE-traded Sequans shares rose more than 14.5% in morning trading after the announcement. The stock has declined by more than 75% since last June.

Bitcoin’s market price has fallen by over 30% since the treasury program began, moving from about $105,419 to roughly $72,780; at the time of the filing the 658 BTC totaled approximately $48 million by market value.

In a company statement, CEO Georges Karam wrote that Sequans is “fully focused on scaling [its] [Internet of Things] semiconductor business.” The announcement did not include revised revenue or margin forecasts tied to the change in treasury policy but emphasized the company’s priority on expanding its IoT product lines and operations.

The decision reduces the number of publicly traded European companies holding Bitcoin on their balance sheets to 40, according to the Bitcoin Treasuries tracker; the tracker shows a larger set of U.S.-listed firms maintain Bitcoin holdings. Other companies have either increased, trimmed or exited digital-asset treasuries in recent months.