Sequans Communications slashed its Bitcoin holdings by 79.3% during the second quarter of 2026, selling 1,200 BTC to redeem $94.5 million in convertible debt. The French IoT chipmaker ended June 30 with just 314 BTC, worth $18.4 million at quarter-end prices, and zero debt on its books.
Debt redemption timeline
On April 30, Sequans held 1,114 BTC, of which 817 were pledged against $35.9 million of remaining debt. By May 28, the company announced it had completed the debt redemption using proceeds from Bitcoin sales, holding roughly 658 BTC — all unrestricted. Between that date and June 30, it sold another 344 BTC, bringing the total to 314.
Financial impact
The sales generated a $5.3 million realized net gain on Bitcoin sales, partially offset by a $3 million unrealized impairment loss in Q2. Cash and cash equivalents rose to $21 million from $10.6 million at the end of March. Preliminary unaudited revenue for the quarter came in at $7.5 million, with a net loss of $9.8 million.
What’s left
The remaining 314 BTC are all unrestricted and available for sale. Sequans has not reported any post-quarter Bitcoin holdings as of August 4, 2026. Whether the company will continue to hold crypto or follow the same playbook as other firms that have shed digital assets to clean up balance sheets remains an open question.
