Sequans Communications completed redemption of its remaining convertible debt using funds from selling part of its Bitcoin holdings. The company now holds about 658 BTC described as fully unencumbered after retiring all convertible notes issued in July 2025. The Bitcoin treasury strategy began in June 2025 with plans to raise $385 million through debt and equity to accumulate Bitcoin. Holdings reached a target of 3,000 BTC within weeks and later peaked. After Bitcoin declined from an all-time high above $126,000 to around $80,000, the company began selling Bitcoin in November 2025 and continued through early 2026, reducing holdings to 1,114 BTC by April 30. The latest redemption further reduced holdings, with total sales exceeding 80% of peak amounts. The company expects to monetize remaining Bitcoin over time and reports a near debt-free balance sheet with fewer collateral obligations tied to Bitcoin price volatility.
"Sequans Communications (NYSE: SQNS), the Paris-based cellular IoT semiconductor company, has completed the full redemption of its remaining convertible debt, funded by the sale of a portion of its Bitcoin holdings - bringing a short-lived and costly digital asset treasury experiment to a close."
"The company now holds approximately 658 BTC, described as "fully unencumbered," following the retirement of all convertible notes issued in July 2025. Sequans said it plans to monetize the remaining Bitcoin over time, though it did not specify a timeline or method."
"By late July, CEO Georges Karam described Bitcoin as a "long-term store of value for our shareholders," with a target of accumulating 3,000 BTC within weeks. The company crossed that threshold by month's end. The unwind began in November 2025 after Bitcoin fell from an all-time high above $126,000 to roughly $80,000."
"With the debt retired, Sequans transitions to what it calls a "near debt-free balance sheet," giving the company greater financial flexibility heading into the second half of 2026. The move eliminates collateral obligations tied to Bitcoin's price volatility, a risk that management had flagged in prior filings."
#convertible-debt-redemption #bitcoin-treasury #digital-asset-holdings #iot-semiconductor #balance-sheet-restructuring
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