Sequans Communications has confirmed the sale of 970 BTC (approximately $100 million) to repurchase a portion of its convertible bonds and reduce its overall debt burden. The move marks the first Bitcoin sale by a Digital Asset Treasury (DAT) firm and is seen as a significant shift in how crypto-rich companies manage leverage. Sequans adopted a Bitcoin accumulation strategy in July 2025, growing its holdings to 3,234 BTC, funded largely through bond issuance. In late October 2025, Arkham Intelligence reported that the company had transferred part of its Bitcoin holdings to Coinbase Prime, sparking speculation of a potential sale. Sequans later confirmed that the liquidation of part of its Bitcoin portfolio enabled it to reduce total debt by 50%, from $189 million to $94.5 million. As of November 4, 2025, Sequans held 2,264 BTC valued at roughly $240 million. The company also lowered its debt-to-NAV (Net Asset Value) ratio to 39%, which it described as a “more prudent leverage ratio.” A Tactical Step Toward Financial Stability Sequans said the move gives it greater flexibility to manage risk, optimize operations, and pursue new opportunities. The bond buyback is also part of a broader effort to reduce the number of American Depositary Shares (ADS) listed on U.S. exchanges, a measure the firm believes will increase yield and boost resilience. “Our Bitcoin treasury management strategy remains unchanged,” said Sequans CEO Georges Karam. Despite the sale, Sequans’ market performance remains weak. According to the company’s official website, its market Net Asset Value (mNAV) stands at 0.77, meaning its shares trade at a discount compared to the value of its Bitcoin portfolio. Data from TradingView shows the stock has declined 16.6% over the past day and 40.5% over the past month. Earlier, analyst Omid Malekan warned that actions by Digital Asset Treasury (DAT) firms such as Sequans could intensify volatility and accelerate stress across the broader crypto market.
