Sequans completes Bitcoin treasury exit after selling final 314 BTC
In brief
- Sequans sold remaining 314 BTC, completing full exit from Bitcoin treasury strategy.
- Company liquidated holdings to eliminate convertible debt after once holding 3,200+ BTC.
- Nine companies have abandoned or scaled back crypto treasuries in 2026, per VanEck.
The unwind
Sequans launched its Bitcoin treasury strategy in June 2025 after announcing a $384 million sale of equity securities and convertible secured debentures. At its peak, the treasury held more than 3,200 BTC. Back then, CEO Georges Karam called Bitcoin "a premier asset and a compelling long-term investment."
That conviction didn't last. By May 2026, Sequans said it was "no longer pursuing" the treasury strategy and would monetize its remaining Bitcoin over time. The company had already sold 970 BTC in November to redeem half its convertible debt. Now, with the latest sale complete, the exit follows the redemption of its convertible debt in May.
"CEO Georges Karam said the company used Bitcoin sales to eliminate its convertible debt and strengthen its balance sheet, leaving Sequans with no cryptocurrency holdings and no outstanding debt beyond government-financed research and development obligations."
The exit leaves Sequans in a clean balance-sheet position. No crypto. No debt outside R&D obligations funded by government. It's a stark contrast to the Bitcoin-heavy bet the company made less than eighteen months prior.
Corporate crypto retreat
Sequans isn't alone. A growing number of digital asset treasury companies have abandoned or scaled back their accumulation strategies in 2026. Matthew Sigel, head of digital assets research at VanEck, identified at least nine companies that had fully liquidated or abandoned their Bitcoin and crypto treasury strategies in 2026.
The list is instructive. Satsuma Technology raised 100 million British pounds through convertible loan notes in July 2025 to expand its Bitcoin treasury, but shareholders voted overwhelmingly to return substantially all of the company's capital and cancel its listing. The board subsequently authorized the closure of its trading activities and the sale of its entire 669 BTC position.
Other companies to fully liquidate their Bitcoin holdings in 2026 include Bitdeer, Genius Group and Prenetics. Some firms didn't abandon the strategy entirely. MARA Holdings and Empery Digital have also made substantial sales without abandoning their treasury strategies altogether.
The companies cited by VanEck's Sigel exited or reduced their holdings for a range of reasons, including debt repayments, working capital needs, shareholder returns and shifts in business strategy. For Sequans, the math was straightforward: Bitcoin sales paid down debt and reset the balance sheet. The "premier asset" became a liability.
