Sequans has officially confirmed the sale of 970 bitcoins, equivalent to approximately $100 million, aimed at repurchasing part of its convertible bonds and significantly reducing its debt obligations. This is the first instance among treasury companies adhering to the DAT strategy where cryptocurrency assets were used for such a buyback.
This is reported by Business • Media
Bitcoin Portfolio and Debt Load
The bitcoin accumulation strategy was implemented by Sequans in July 2025. During this time, the company’s bitcoin portfolio reached 3234 BTC, with bond issuance being the primary source of funding for the purchases. At the end of October 2025, Arkham Intelligence reported the transfer of part of the bitcoins to Coinbase Prime, and recently the company confirmed the sale of this portion of the asset.
As a result of the transaction, Sequans was able to reduce its debt load by 50% – from $189 million to $94.5 million. As of November 4, 2025, the company held 2264 BTC, valued at $240 million. Following the bond buyback, the debt-to-NAV (Net Asset Value) ratio decreased to 39%.
Strategy Optimization and Company Outlook
Sequans emphasizes that the new debt-to-assets ratio represents a “more sensible leverage ratio.” This, in the company’s view, opens up new opportunities for portfolio optimization and enhances operational efficiency. The bond buyback is part of a broader strategy aimed at reducing the number of American Depositary Shares (ADS) purchased on U.S. exchanges that represent a stake in Sequans as a foreign entity. The company is convinced that such steps will contribute to the growth of its securities’ profitability and enhance business resilience.
“Our bitcoin treasury management strategy and our deep belief in it remain unchanged. This transaction was a tactical decision aimed at unlocking shareholder value in the current market conditions. It strengthens our financial foundation and alleviates some of the constraints related to debt obligations, allowing us to implement a broader range of strategic initiatives for prudent growth and increasing our treasury, using bitcoin as a long-term strategic reserve asset,” said Sequans CEO Georges Karam.
Despite the sale of part of its bitcoins, Sequans does not plan to abandon its DAT strategy but emphasizes the need for further portfolio optimization. Meanwhile, the company’s financial indicators remain somewhat unconvincing: the capitalization ratio relative to the market value of the bitcoin portfolio (mNAV) stands at 0.77, indicating that Sequans shares are trading at a discount. A significant decline is also evident in the quotes: down 16.6% in one day and down 40.5% in one month (according to TradingView).
Some experts believe that similar actions by treasury companies actively working with bitcoin may accelerate the overall decline of the cryptocurrency market.