The Digital Asset Treasuries (DAT) sector is currently going through a difficult period, just a few months after the euphoria that saw their numbers explode. In this tense context, Sequans has just announced the sale of 970 BTC in order to repay part of its debt.
Sequans sells 970 BTC to repay its debt
Over the course of this year, many publicly traded companies have started buying Bitcoin to consolidate their corporate treasuries. This ambitious operation is based on the model of the giant Strategy, which currently holds 641,205 BTC, or about 3% of its outstanding supply.
But not everyone has the resilience of Michael Saylor’s company. This is a painful reality that some of these Digital Asset Treasuries (DATs) are currently experiencing, faced with mixed stock market results and a market capitalization that is falling below the value of their BTC holdings.
This situation now seems to be affecting the French company Sequans, which is described as a “pioneer in the adoption of Bitcoin as its main cash reserve asset.” And with good reason, as its share price has fallen 90% since its last—and fleeting—peak in July, and more than 80% since the beginning of the year.
The provider of semiconductor solutions for cellular IoT has just announced a procedure to “repay 50% of the convertible debt issued during its last fundraising round on July 7, 2025” based on the sale of 970 BTC held in its treasury.
Based on current market prices, the net asset value (NAV) of Sequans’ Bitcoin portfolio is estimated at approximately $240 million, reducing the debt-to-NAV ratio from 55% to 39%. This more conservative level of debt should give the company greater flexibility to optimize the management of its BTC cash reserves.
Unwavering belief in Bitcoin
The main goal of this transaction is therefore to reduce Sequans’ current debt by 50%, from $189 million to $94.5 million, with Bitcoin holdings remaining estimated at 3,234 BTC, or approximately $325 million at the current BTC price.
A “tactical decision,” according to Sequans CEO Georges Karam, which aims to enable “the pursuit of a broader set of strategic initiatives to prudently grow our cash reserves, with Bitcoin as a long-term reserve asset.”
Our BTC cash strategy and our deep belief in Bitcoin remain unchanged. This transaction was a tactical decision aimed at unlocking value for shareholders given current market conditions.
Georges Karam
With this newfound “flexibility,” Sequans has announced its intention to “undertake future initiatives in the capital markets,” such as a buyback program for its American Depositary Shares (ADS), as well as the potential issuance of preferred shares and the generation of returns on a portion of its Bitcoin holdings.
