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Tuesday Nov 4 2025 23:40
2 min
Shares of Sequans, a semiconductor company, experienced a significant drop of over 16% following its decision to sell 30% of its Bitcoin treasury. This move aimed to redeem half of its convertible debt, a strategy the company described as a “strategic asset reallocation.”
CEO Georges Karam reiterated that Sequans’ Bitcoin strategy remains unchanged, characterizing the sale as a tactical decision to unlock shareholder value given current market conditions. However, investors appeared unconvinced, leading to a sharp decline in the stock price.
The sale reduced Sequans' Bitcoin holdings from 3,234 BTC to 2,264 BTC, backtracking from its stated goal of accumulating 100,000 BTC over the next five years. The proceeds from the sale were utilized to cut outstanding debt from $189 million to $94.5 million.
Karam explained that the move strengthens the company's financial foundation and removes certain debt covenant constraints, enabling it to pursue a broader range of strategic initiatives to prudently develop and grow its treasury, with Bitcoin as a long-term strategic reserve asset.
Despite this, Sequans' stock (SQNS) fell 16.6% to $5.92 on Tuesday. The stock is now trading 89% below its 2025 high of $53.90, which was reached shortly after the company announced its Bitcoin plans in late June.
Currently, over 200 publicly traded companies hold Bitcoin on their balance sheets, continuing the trend of institutional Bitcoin adoption that began after the launch of spot Bitcoin exchange-traded funds in the US last year.
Many crypto treasury companies initially saw their stocks rally upon announcing new Bitcoin strategies, but a significant number have since experienced declines as the initial hype faded. These declines have prompted analysts to question the sustainability of Bitcoin treasury strategies, particularly for companies that are not already in a strong financial position.
Analysts spotted Sequans’ transfer last week, highlighting the company's strategic shift. Sequans' sale follows reports from crypto analysts about a 2,264 BTC transfer on October 29th, making it one of the most significant Bitcoin sales by a publicly traded company to date.
Sequans is now ranked as the 33rd largest corporate Bitcoin holder, a drop of four positions since its Bitcoin purchase in mid-July.
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