Sequans sells remaining Bitcoin, clears debt to focus on semiconductors

Sequans Communications S.A. (NYSE: SQNS) has completed the sale of its remaining Bitcoin holdings, concluding a treasury exit strategy that began with the redemption of its convertible debt in May 2026, according to a company statement.

The Paris-based semiconductor company sold 314 Bitcoin that remained on its balance sheet as of June 30, 2026. Following the transaction, Sequans carries no outstanding debt outside of government-financed research and development obligations and holds no cryptocurrency on its balance sheet.

The company reported that product revenue grew more than 80% year-over-year in the second quarter of 2026. Its six-month product backlog at the end of that quarter tripled compared to the same period a year earlier. Sequans also secured its first drone design win in the second quarter for its recently launched RF transceiver product, which targets software-defined radio applications in defense, drone, and space markets.

"By eliminating our convertible debt, monetizing our remaining Bitcoin holdings in a measured and opportunistic manner, and emerging with a very strong balance sheet, we have positioned the Company to focus entirely on executing our long-term semiconductor growth strategy," said Dr. Georges Karam, CEO of Sequans.

Sequans said its 5G eRedCap platform development continues as the cellular IoT industry moves from 4G to 5G connectivity. The company also cited a growing pipeline of opportunities for its RF transceiver across defense, drone, and space markets.

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