Sequans Communications, the Paris-based chipmaker that went all-in on a Bitcoin treasury strategy less than a year ago, is selling off its remaining crypto holdings. The company has already offloaded 456 Bitcoin and plans to liquidate its remaining 658 BTC, effectively closing the book on a corporate treasury bet that never quite paid off.
How a chipmaker became a Bitcoin fund
Sequans (NYSE: SQNS) is, at its core, a fabless semiconductor company. It designs chips for IoT and 5G connectivity. But in July 2025, management decided the balance sheet needed a different kind of asset.
The company raised $384 million through a combination of equity offerings and convertible debentures, with the stated goal of accumulating over 3,000 BTC. It moved fast, starting with an initial purchase of 370 BTC and scaling to over 3,000 within weeks of securing the funding.
The unraveling
