Sequans Communications said Thursday that it completed the redemption of all remaining debt tied to its bitcoin treasury, as it now refocuses on its core Internet of Things and cellular semiconductor business.
The Paris-based company said the debt redemption was funded by the sale of nearly 80% of its total bitcoin holdings.
Sequans now holds just 658 BTC, which it says is "fully unencumbered." According to a Thursday release, the company said it plans to "monetize" its remaining bitcoins over time, but did not specify if this means selling or using the holdings as collateral or in some other onchain strategy.
"The completion of the debt redemption marks an important turning point for Sequans," CEO Georges Karam said in a statement. "We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business."
The Block reached out to Sequans for comment.
The retreat comes less than a year after it first started accumulating bitcoin on its balance sheet. In June 2025, the company said it planned to raise $385 million via debt and equity to start its bitcoin treasury.
Then in July, Sequans said it intended to accumulate 3,000 bitcoins within "weeks," with Karam describing bitcoin as a "long-term store of value for our shareholders."
And while the company did cross the 3,000 bitcoin threshold by the end of the month, and continued adding small buys throughout September and October, Sequans later began reducing its position in November as bitcoin (BTC) crashed from an all-time high of over $126,000 back down to $80,000.
Sequans sold 970 BTC in November, followed by another 125 BTC in February. It then disclosed the sale of 1,025 BTC during the first quarter, reducing its holdings to 1,114 BTC as of April 30. Thursday's update showed that its holdings had fallen further to 658 BTC after the final round of redemption.
Sequans had already signaled during its first-quarter earnings call that it planned to abandon the treasury strategy.
"Looking ahead, we do not intend to further pursue our treasury strategy," Karam said at the time.
Going forward, the company said it will prioritize scaling its 4G and 5G IoT semiconductor business for chips used in sectors like "smart metering, asset tracking, telematics, security, and industrial IoT."
Sequans is also expanding its RF transceiver business for software applications in defense and drone systems.
Shares of Sequans Communications (SQNS) were up a modest 2% on the day, but investors who bought at the height of the bitcoin fever last July are looking at a loss of more than 90%.
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