Sequans completes exit from Bitcoin treasury strategy to refocus on IoT operations

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Sequans exits Bitcoin strategy

Highlights

Sequans sold its remaining 314 Bitcoin in May 2026, fully exiting its Bitcoin treasury strategy and eliminating convertible debt to refocus on IoT operations.
In 2026, at least nine companies, including Satsuma Technology, Bitdeer, Genius Group and Prenetics, fully liquidated or abandoned crypto treasury strategies amid a crypto bear market.
Satsuma Technology returned nearly all of its $135 million capital to shareholders and liquidated 669 BTC after canceling its UK listing following a July 2025 shareholder vote.

Debt reduction and business refocus

As reported by Cointelegraph, Sequans said on Thursday that it sold its remaining 314 Bitcoin, completing a withdrawal from a treasury approach it adopted in June 2025 as part of a $384 million equity and convertible secured debenture financing.

Chief executive Georges Karam said the Bitcoin sales were used to eliminate the company's convertible debt and reinforce its balance sheet. Sequans said the exit allows it to concentrate again on its core cellular internet-of-things and software-defined radio businesses.

The company started cutting its Bitcoin position less than six months after launching the strategy, selling 970 BTC in November to redeem half of its convertible debt. By May 2026, Sequans said it was no longer pursuing the treasury strategy and would monetize the rest of its holdings over time.

Crypto treasury pullbacks widen in 2026

A broader group of digital asset treasury companies also scales back or abandons accumulation plans in 2026 as the crypto bear market pressures balance sheets and capital allocation decisions. In late July, Matthew Sigel, head of digital assets research at VanEck, identified at least nine companies that had fully liquidated or abandoned their Bitcoin and crypto treasury strategies this year, while several others had reduced holdings.

UK-listed Satsuma Technology is among the sharpest reversals. After raising 100 million British pounds, or $135 million, through convertible loan notes in July 2025 to expand its Bitcoin treasury, the company later saw shareholders vote to return substantially all capital and cancel its listing, with the board then authorizing the closure of trading activities and the sale of its full 669 BTC position.

Other companies that fully liquidate Bitcoin holdings this year include Bitdeer, Genius Group and Prenetics. MARA Holdings and Empery Digital also make sizable sales without fully abandoning their treasury strategies, with reasons cited by Sigel including debt repayment, working capital needs, shareholder returns and shifts in business strategy.

In our earlier article on People Inc.’s withdrawal of its $48.30-per-share bid for MGM Resorts, we explained that the company abandoned the take-private attempt after the deal became too complex on unacceptable terms. We also noted the immediate market impact, with MGM shares falling sharply as investors reassessed the outlook and the potential debt burden tied to the transaction.

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