Sequans Becomes First Bitcoin Treasury Firm to Sell Holdings Amid Market Strain

Sequans Communications, a semiconductor company that adopted Bitcoin as a reserve asset, has become the first Bitcoin Digital Asset Treasury (DAT) firm to sell a portion of its holdings. The company sold 970 BTC to pay down half of its $189 million convertible debt issued in July 2025. Following the sale, Sequans retains 2,264 BTC, valued around $230 million. CEO Dr. Georges Karam stated the move was proactive to enhance financial flexibility and reduce debt, while maintaining commitment to the long-term Bitcoin treasury strategy. This occurred as Sequans reported Q3 2025 financial struggles, including an operating loss that accounted for an $8.2 million unrealized loss on its Bitcoin impairment. The event raises scrutiny over the sustainability of corporate Bitcoin treasury strategies during market stress, though analysts suggest major holders like MicroStrategy are unlikely to follow suit unless the bear market is extremely prolonged.

(Source：BeInCrypto)