Sequans (SQNS) sells Bitcoin to cut debt; Shares fall 16.6%
 sells Bitcoin to cut debt; Shares fall 16.6-hzmc9ong.png "Sequans (SQNS) sells Bitcoin to cut debt; Shares fall 16.6%")
Sequans Communications S.A. said in Paris on November 4 it redeemed 50% of the secured convertible debt it issued on July 7, 2025, funding the paydown by selling 970 Bitcoin and cutting total outstanding debt to $94.5 million. The company said the goal was to “enhance financial flexibility” while keeping BTC as its primary reserve asset.
The filing notes that after the sale Sequans still holds 2,264 BTC, and that the transaction lowered its debt-to-NAV ratio from 55% to 39%, a level management called more appropriate for current conditions. In other words, the firm treated bitcoin as the quickest pool of liquidity to meet a fixed liability, not as something it was abandoning.
Sequans’ explanation puts it in a slightly different bucket from Japan’s Metaplanet, which is leaning on bitcoin-collateralized credit to buy back up to 13% of its shares, and from Strategy, which continues to add BTC through debt and equity issuance. Sequans runs the treasury cycle in reverse: raise and add bitcoin when capital is available, then partially unwind the stack when a dated claim on the balance sheet needs to be neutralized.
Sequans’ explanation puts it in a slightly different bucket from Japan’s Metaplanet, which is leaning on bitcoin-collateralized credit to buy back up to 13% of its shares, and from Strategy, which continues to add BTC through debt and equity issuance. Sequans runs the treasury cycle in reverse: raise and add bitcoin when capital is available, then partially unwind the stack when a dated claim on the balance sheet needs to be neutralized.
The company also tied the redemption to shareholder returns, saying the cleaner capital structure “supports” its ADS repurchase authority and removes some covenant friction. That’s consistent with the wording in the release, which described the sale as “opportunistic” and stressed preservation of “long-term treasury optionality,” i.e., BTC stays on the balance sheet, just with less leverage around it.
For market desks tracking corporate BTC holders, the takeaway is analytical rather than bearish. Sequans sold about a third of its coins in one go, yet the announcement did not mention disorderly execution, suggesting OTC-market or staged selling. The firm also becomes a useful data point in the broader “bitcoin as working capital” story: miners sell for power and AI capex, Metaplanet borrows against BTC for buybacks, and Sequans liquidates BTC to take a convert off the table. All three are using the asset as a balance-sheet valve.
Sequans began buying Bitcoin in July as part of a corporate treasury program.
For market desks tracking corporate BTC holders, the takeaway is analytical rather than bearish. Sequans sold about a third of its coins in one go, yet the announcement did not mention disorderly execution, suggesting OTC-market or staged selling. The firm also becomes a useful data point in the broader “bitcoin as working capital” story: miners sell for power and AI capex, Metaplanet borrows against BTC for buybacks, and Sequans liquidates BTC to take a convert off the table. All three are using the asset as a balance-sheet valve.
Sequans began buying Bitcoin in July as part of a corporate treasury program.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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