Overview
- Sequans, which sold 456 Bitcoin on Thursday, May 28, 2026, said it will liquidate the remaining 658 BTC and close its short‑lived corporate Bitcoin program.
- The company used proceeds from the recent sale to fully redeem about $37 million in July 2025 convertible notes, leaving Sequans with a near debt‑free balance sheet.
- Sequans began the crypto strategy after a July 2025 capital raise of about $384 million and peaked at roughly 3,234 BTC before staged selloffs in November 2025 and the first quarter of 2026 reduced the holding to about 1,114 BTC.
- Weak core revenue and large impairment and realized losses drove the unwind: Sequans reported Q1 2026 revenue of $6.1 million and a net loss of $54.3 million, and maturing debt and pledged BTC forced sales at inopportune prices.
- Management says the move lets the company concentrate on its 4G and 5G IoT chip business, while investors and other firms should view the episode as a cautionary example of the risks of using volatile crypto as a material corporate reserve.