Bitcoin Treasury Firm Bubble Comes Full Circle as Sequans Unloads BTC to Cut Debt
Sequans sold 970 Bitcoin to redeem half of its convertible debt, reducing total liabilities significantly.Summary
Paris-based Sequans (SQNS), one of the companies that adopted a Bitcoin treasury strategy, sold 970 BTC to redeem 50% of its July 2025 convertible debt, reducing its total liabilities from $189 million to $94.5 million. This move leaves the company with 2,264 BTC and lowers its debt-to-net asset value (NAV) ratio from 55% to 39%. CEO Georges Karam stated the sale was tactical to reduce leverage, allowing the company to explore other capital market options like an ADR buyback or preferred share issuance, while maintaining the long-term Bitcoin strategy. Sequans' stock has fallen significantly, reflecting a broader trend where many BTC treasury firms are seeing their market caps trade below the value of their Bitcoin holdings, sometimes forcing them to sell BTC to manage debt.
(Source：CoinDesk)