The Digital Asset Treasuries (DAT) sector is currently going through a difficult period, just a few months after the euphoria that saw their numbers skyrocket. Against this tense backdrop, the company Sequans has just announced the sale of 970 BTC to repay part of its debt.
Sequans sells 970 BTC to pay off its debt
Over the course of this year, many publicly traded companies have begun buying Bitcoin to bolster their corporate treasuries. This is an ambitious move modeled after the giant Strategy, which currently holds 641,205 BTC—about 3% of the total supply in circulation.
But not everyone has the resilience of Michael Saylor’s company. A painful reality that some of these Digital Asset Treasuries (DATs) are currently experiencing, facing more than mixed stock market results and a market capitalization that is plummeting below the value of their BTC holdings.
A situation that now appears to be affecting the French company Sequans, touted as a “pioneer in the adoption of Bitcoin as a primary cash reserve asset.” And for good reason: its stock has fallen 90% since its last—and fleeting—peak in July, and more than 80% since the start of the year.
Sequans stock has seen a significant decline since its last peak
In fact, this provider of semiconductor solutions for cellular IoT has just announced the implementation of a procedure to “repay 50% of the convertible debt issued during its latest 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 prudent level of debt should provide the company with greater flexibility to optimize the management of its BTC cash reserves.
An unwavering belief in Bitcoin
The main goal of this transaction is therefore to reduce Sequans’ current debt by 50%, bringing it down 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, aimed at enabling the company to “pursue a broader set of strategic initiatives to prudently grow our cash reserves, with Bitcoin as a long-term reserve asset.”
Our BTC treasury strategy and our deep conviction in Bitcoin remain unchanged. This transaction was a tactical decision aimed at unlocking value for shareholders given current market conditions.
Georges Karam
As a result of this regained “flexibility,” Sequans announces its intention to “undertake future initiatives in the capital markets,” such as a buyback program for its shares issued on the U.S. market (ADS), as well as the potential issuance of preferred shares and the generation of returns on a portion of its Bitcoin holdings.
