Sequans Communications, a Paris-based IoT semiconductor company listed on the NYSE under ticker SQNS, sold 344 Bitcoin during Q2 2026 and has signaled its intention to offload the remaining 314 BTC still on its balance sheet. The company is officially winding down what was once an ambitious crypto treasury strategy, opting instead to refocus entirely on making chips for the Internet of Things.
At peak accumulation, the company held over 3,200 BTC. Now it’s down to 314, valued at $18.4 million as of June 30, 2026. That’s a roughly 90% reduction in holdings, and the remaining coins are marked for sale too.
From 3,200 BTC to 314: a rapid unwind
Sequans launched its Bitcoin treasury program in July 2025 with an initial purchase of 370 BTC. The company had publicly stated its ambition to accumulate more than 3,000 BTC, and it actually exceeded that target, briefly crossing the 3,200 BTC mark.
By the end of Q2 2026, Sequans had reduced its position to just 314 BTC after selling 344 coins during the quarter alone. The company started the quarter with approximately 658 BTC, meaning it liquidated more than half its remaining stack in a single three-month period. CEO Dr. Georges Karam framed the move as deliberate portfolio management, saying the company continues to “manage and monetize its Bitcoin position” while pivoting focus back to core operations.
Sequans used proceeds from Bitcoin sales to fully redeem all convertible debt issued in July 2025, completing that redemption by May 28, 2026.
The numbers behind the pivot
Sequans reported Q2 2026 revenue of $7.5 million, representing a 23% increase quarter-over-quarter. Product sales in the IoT semiconductor segment surged 83.7% year-over-year when excluding one-time items.
The company also booked a realized net gain of $5.3 million from its Bitcoin sales during the quarter. However, Sequans still recorded a net loss of $9.8 million for Q2.
All 314 remaining BTC are classified as unrestricted, meaning there are no lockups, pledges, or encumbrances preventing Sequans from selling whenever it chooses. The company has stated it will take a “disciplined approach” to divesting the rest.
With its convertible debt fully retired, Sequans is positioning itself as a debt-free pure-play IoT semiconductor business.
What went wrong with the treasury strategy
For Sequans, the timeline is instructive. The company went from zero Bitcoin to over 3,200 BTC in a matter of months, then reversed course almost as quickly. The entire arc, from initial purchase to near-complete divestment, played out in roughly one year. Market conditions and what the company described as “operational challenges” contributed to the rapid unwind.