Sequans Communications has sold its remaining 314 BTC, completing a full exit from the Bitcoin treasury strategy it launched in June 2025. The move lands alongside a new DWF Ventures report showing most digital asset treasury (DAT) stocks now trade below the value of their crypto holdings, undercutting the financing model that fueled the trend.
Sequans Communications has sold its remaining 314 BTC, completing its exit from a Bitcoin treasury that once held more than 3,200 BTC. The French semiconductor company now holds no cryptocurrency on its balance sheet.
Sequans unwinds a $384 million bet
Sequans launched the strategy in June 2025 after announcing a $384 million sale of equity securities and convertible secured debentures. At the time, CEO Georges Karam called Bitcoin "a premier asset and a compelling long-term investment." But the retreat started less than six months later: the company sold 970 BTC in November to redeem half its convertible debt, then said by May 2026 it was no longer pursuing the strategy. Karam said the Bitcoin sales eliminated the company's convertible debt and left it with no debt beyond government-financed research obligations, freeing it to refocus on its core internet-of-things and software-defined radio businesses.
Sequans isn't alone. VanEck's Matthew Sigel identified at least nine companies that had fully liquidated or abandoned Bitcoin and crypto treasury strategies in 2026. UK-listed Satsuma Technology, which raised £100 million ($135 million) to build a Bitcoin treasury in July 2025, saw shareholders vote to return capital and cancel its listing, and the board then sold its entire 669 BTC position. Bitdeer, Genius Group and Prenetics have also fully liquidated their holdings this year.
Premiums that funded the model are fading
A new report from DWF Ventures found that only four of the 20 largest DATs by assets under management trade above an mNAV of 1: Bit Digital, Strive, Hyperliquid Strategies and BitMine. That premium is what let treasury companies issue shares and buy more crypto without diluting existing shareholders. Without it, raising equity to buy more crypto can become dilutive instead.
Standard Chartered warned of a possible mNAV collapse back in September 2025, and Galaxy Digital argued the model depends on a persistent equity premium to NAV. The strain has grown alongside Bitcoin's own swings this year, as the asset fell from a record high of more than $126,000 last October to below $60,000 before recovering to around $86,000.
Sources: Cointelegraph.com News, Cointelegraph.com News
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