French semiconductor company Sequans Communications has sold 344 Bitcoin and plans to divest its remaining 314 Bitcoin, exiting the corporate treasury strategy it adopted during the crypto bull run. The move, disclosed this week, is part of a broader pivot back to the company's core IoT chip business.
Why Sequans is dumping Bitcoin
Sequans first bought Bitcoin in 2021 as a hedge and a way to signal tech-forward thinking. But the company's core business — making low-power chips for connected devices — has struggled with supply chain delays and shifting demand. The Bitcoin holdings, while once a bright spot, became a distraction. The company said the sale and planned divestiture will free up cash and management attention for IoT operations.
What the sale means for the balance sheet
The 344 Bitcoin sold this week brought in roughly $21 million at current prices. Sequans still holds 314 Bitcoin, worth about $19 million. The company plans to sell those too, though it hasn't set a specific timeline. The treasury exit will eliminate a volatile asset that swung Sequans' quarterly results — sometimes masking operational losses, sometimes amplifying them.
Bitcoin treasury strategies under pressure
Sequans isn't alone. A handful of smaller public companies that loaded up on Bitcoin in 2021-2022 are now unwinding those positions or scaling back. The volatility that made Bitcoin an exciting treasury asset has also made it a liability when core business needs capital. Sequans' decision is a reminder that for most non-crypto firms, holding Bitcoin is a bet, not a strategy.
The company will use proceeds from the remaining Bitcoin sale to invest in its IoT product roadmap and pay down debt. Sequans has not announced a buyer for the remaining coins, but it's likely to sell them in the open market or through an OTC desk. The next quarterly report will show whether the pivot is working.
