France’s Sequans Sells Remaining 314 Bitcoin, Exits Treasury Strategy

Sequans becomes a case study in the unwind risk that comes with corporate bitcoin treasuries: a listed company using its reserve not as a long-term conviction bet but as a balance-sheet tool to retire convertible debt. That distinction matters for shareholders who may have priced in treasury exposure as a quasi-ETF, only to see it converted into deleveraging. The open question is whether other small-cap holders of bitcoin reserves, particularly those facing debt maturities, follow the same path — turning a source of demand into a source of supply.