Sequans Halves Bitcoin Treasury as Q1 Revenue Slides and Losses Deepen

The sale reflects pressure from convertible notes due June 1 that are secured by most of the remaining coins.

Overview

Sequans, which reported results Tuesday, said it sold 1,025 Bitcoin in the first quarter of 2026, cutting its holdings to 1,114 BTC by April 30.
Management said it used the cash to redeem parts of its convertible debt and to buy back American Depositary Shares, a move aimed at easing balance-sheet strain.
Of the remaining coins, 817 BTC are pledged as collateral for $35.9 million in notes that mature June 1, 2026, which means those coins stay locked until the debt is redeemed.
Quarterly revenue fell 24.8% to $6.1 million and the operating loss widened to $50.5 million, including $29.3 million in impairment charges on holdings and $11.7 million in realized losses from sales.
The company had started buying Bitcoin in 2025 with a 3,000 BTC goal but also sold about 970 BTC in November 2025 to pay down debt, and its shares have since dropped sharply as investors reassess the strategy.