TL;DR:
Sequans Communications sold 1,025 Bitcoins during the first quarter of 2026 to fund the redemption of convertible debt and an ADS buyback program. The transaction reduced the company’s reserves from the 2,139 BTC recorded at the close of 2025 to 1,114 BTC as of April 30, according to a statement from the firm.
Of the remaining balance, 817 BTC —more than 70% of current holdings— are pledged as collateral for $35.9 million in outstanding convertible notes. The drawdown of reserves came as a result of operational deterioration: quarterly revenues fell 24.8% year-over-year to $6.1 million, while the operating loss escalated to $50.5 million compared to $6.8 million recorded in the same period of the prior year. That result includes $29.3 million in unrealized impairment losses on its bitcoin position and $11.7 million in net realized losses from the sale of digital assets.
The recent sale is not the first transaction of its kind. In November 2025, Sequans had already liquidated approximately 970 BTC, cutting its holdings from 3,234 BTC to 2,264 BTC to redeem $94.5 million in convertible debt. On that occasion, Georges Karam, CEO of the company, described the transaction as a “tactical decision” tied to balance sheet management, while insisting that the strategy anchored in bitcoin remained intact.
That plan had begun in July 2025, when Karam announced the goal of accumulating 3,000 BTC in “weeks,” presenting the initiative as a long-term store of value for shareholders. Since then, the company has sold a considerable portion of what it accumulated in less than a year.
According to data from Bitcoin Treasuries, Sequans ranks 40th among publicly listed companies with the largest bitcoin holdings. The gap separating it from the top of the ranking is vast: Strategy holds approximately 818,334 BTC, while Twenty One Capital and Metaplanet report 43,514 BTC and 40,177 BTC respectively. Sequans shares on Nasdaq have accumulated a 51.5% decline over the past six months and closed at $3.01 on Tuesday.
