Sequans Communicationsâ recent disclosures illustrate a broader pattern among corporates that adopted Bitcoin treasury strategies in 2024â2025 and subsequently rebalanced or exited those positions. The Parisâbased semiconductor company launched its program after raising $384 million and amassed roughly 3,234 BTC at peak. Its unwind was methodical: a 970 BTC sale in November 2025 reduced convertible debt substantially, further dispositions in early 2026 included roughly 1,025 BTC amid revenue pressure and losses, and the company sold the remaining 314 BTC on September 24 to complete its exit. Sequans used the proceeds primarily to retire convertible obligations, eliminate dilution risk and simplify its capital structure, and it now says it will refocus on product revenue, licensing and development of 5G eRedCap and softwareâdefined radio solutions.
Sequansâ trajectory sits alongside varied corporate responses this year. Some peers fully liquidated positions, others reduced holdings to meet financing needs while retaining treasuries. Reporting shows Sequans reduced debt from about $189 million to $94.5 million after the November 2025 sale, pledged 817 BTC as collateral against $35.9 million of convertible debt at one point, and recorded $11.7 million of realized losses from Bitcoin sales in a quarter while using proceeds for debt redemption and an ADS buyback. Companies such as Empery Digital, Nakamoto, Strategy, MARA Holdings and Smarter Web also sold BTC in 2026 for debt repayment, operations and liquidity: Empery disclosed multiple tranches totaling several thousand BTC and roughly $87.1 million in proceeds in one period; Nakamoto monetized about 600 BTC and derivative positions to repay a Bitcoinâbacked loan; Strategy both sold and later repurchased BTC, remaining a large holder; MARA sold tens of thousands of BTC to fund operations yet retained a sizable balance. The varied outcomes demonstrate there is no single corporate path: some firms have exited entirely, as Sequans did, while others use BTC disposals tactically to manage leverage and liquidity without abandoning their treasury strategies.