Paris-based chipmaker Sequans Communications sold 1,025 Bitcoin in Q1 2026, drastically reducing its crypto reserves as financial losses mounted. The company’s revenue fell 24.8% year-on-year to $6.1 million while its net loss ballooned to $54.3 million. Of its remaining 1,114 BTC, 817 Bitcoin is pledged as collateral for $35.9 million in convertible notes due June 1.
Sequans Communications nearly halved its Bitcoin treasury during the first quarter of 2026, selling 1,025 BTC to generate liquidity. The sale came as the company posted a net loss of $54.3 million, compared to $7.3 million a year earlier, according to a Q1 earnings report.
Revenue deteriorated to $6.1 million despite a 45% jump in product sales. Total Bitcoin holdings fell from 2,139 BTC at year-end 2025 to 1,114 BTC by April’s close, according to financial filings.
The quarterly damage included $29.3 million in unrealized Bitcoin impairment losses and $11.7 million in realized losses from the asset sales. Sequans CEO Dr. Georges Karam stated the company had taken “decisive steps to simplify and strengthen our balance sheet.”
The chipmaker’s remaining debt matures on June 1, after which all Bitcoin holdings become unrestricted. Sequans began accumulating Bitcoin in July 2025 as part of a treasury diversification strategy.
The forced liquidation mirrors pressure across other corporate Bitcoin holders. MARA Holdings, the largest public Bitcoin miner by BTC held, has started selling its holdings after expanding its treasury policy this year.
Other Bitcoin mining firms that have sold off BTC holdings in recent months include Riot Platforms, Hut 8, and Cango. Publicly traded Bitcoin treasury firm Nakamoto Holdings said in March it sold part of its BTC holdings as its share price hit a new low.
