Paris-listed Sequans announced that it had sold 970 BTC, to redeem 50% of its convertible debt issued on July 7, 2025. This converts to roughly one-third of its prior holdings of 3,234 BTC. The move has led to the chip maker’s debt dropping from about $189 million to $94.5 million.
Sequans BTC holding is now reduced to 2,264 BTC, which has lowered its debt-to-Bitcoin-NAV ratio from ~55% to ~39%. At recent market prices, the Bitcoin NAV of the remaining holdings is roughly $240 million.
Investing.com quoted Sequan’s CEO, Georges Karam, calling this move a “tactical decision” to unlock shareholder value. “Our Bitcoin treasury strategy and our deep conviction in Bitcoin remain unchanged,” he added.
Sequan’s financial performance
In Q3 2025, the company reported revenue of about $4.3 million. This was down ~47% on a year-on-year basis. They also reported a non-IFRS net loss of approximately $11 million; however, they posted revenues of $8.1 million, marking a 1.1% increase compared to the previous year. Cash and cash equivalents at September 30, 2025, totaled $13.4 million, the company said in its Q3 results.
It was only in July this year that Sequans designated Bitcoin as its main treasury reserve asset. The company is otherwise known for its expertise in wireless 4G and 5G technology for Internet of Things (IoT) devices. So far, the company has raised funds in a mix of private equity placement and convertible debentures and have also taken the ATM route.
Worrying crypto market’s future?
The global crypto market cap has dropped 2.2% in the last 24 hours, at around $3.48 trillion. The largest cryptocurrency, Bitcoin, momentarily slipped below the $100K level. It has recouped marginally since then. However, analysts expect a near-term rise to ~$114K-$116K, only if momentum holds. For other major tokens like Ethereum (ETH) and Solana (SOL), the narrative is cautiously optimistic for the near future.
While many firms are building on their digital asset treasuries, this may be among the few instances where a company is selling its Bitcoin holdings to reduce debt. In the past, we’ve seen companies like Elon Musk-led Tesla, which also has a prominent Bitcoin exposure, selling portions of it, citing profitability and strategic concerns.