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Bitcoin Treasury Firm Bubble Comes Full Circle as Sequans Unloads BTC to Cut Debt
Sequans sold 970 Bitcoin to redeem half of its convertible debt, reducing total liabilities from $189 million to $94.5 million.
Updated Nov 4, 2025, 4:12 p.m. Published Nov 4, 2025, 3:52 p.m.
What to know:
- Sequans Communications sold 970 Bitcoin to retire half of its convertible debt to $94.5 million.
- The company appeared to be the first of the pure-play bitcoin treasury firms to actually sell some its holdings.
- Sequans is part of a growing list of BTC treasury names seeing their market capitalizations trading well beneath the value of their bitcoin holdings.
In what may be the start to putting in a bottom in the crypto sell-off or the harbinger of more brutality to come, or both, Paris-based Sequans (SQNS) became the first of this year's hastily-formed bitcoin treasury companies to unload some its BTC stack.
Alongside its third-quarter earnings report, Sequans Tuesday said it redeemed 50% of its July 2025 convertible debt by selling 970 bitcoin , cutting total debt from $189 million to $94.5 million.
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Its bitcoin reserves now stand at 2,264 BTC, worth roughly $240 million, lowering the debt-to-net asset value (NAV) ratio from 55% to 39%.
CEO Georges Karam described the decision as tactical and market-driven, emphasizing that the company’s long-term bitcoin strategy remains intact. With less leverage and fewer debt covenants, Sequans plans to expand its capital market options, including its ADR buyback program, potential preferred share issuance, and yield-generating strategies using bitcoin.
Bubble aftermath
Sequans ADRs are lower by another 9% on Tuesday and 82% year-to-date. The microcap semiconductor company pivoted to a bitcoin treasury strategy in July, joining a rush of other firms attempting to mimic the success of Michael Saylor's Strategy.
The stock prices of nearly all have collapsed even as the price of bitcoin — though down sizably of late — remains just 20% below its record high.
Sequans finds itself part of a growing list of BTC treasury names seeing their market capitalizations trading well beneath the value of their bitcoin holdings. This not only makes it difficult to impossible to raise capital for further accumulation, but also might leave managements no choice but to sell BTC to either pay down debt or return money to shareholders.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Bilinmesi gerekenler:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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