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Paris-based Sequans Communications reduced its bitcoin holdings by nearly half in the first quarter, selling 1,025 BTC to finance convertible debt redemptions and an ADS buyback program. The company also reported weaker operating performance, with revenue falling 24.8% year on year to $6.1 million in the first quarter of 2026.
Sequans lowered its total digital asset reserves from 2,139 BTC at the end of 2025 to 1,114 BTC by late April, according to figures confirmed in a statement released on Tuesday. The company said proceeds from the sales were used to support debt obligations and share repurchases.
Of the remaining 1,114 BTC, Sequans pledged 817 BTC as collateral. The company said this collateral represents more than 70% of its current bitcoin holdings and backs $35.9 million in outstanding convertible notes.
Sequans began accumulating bitcoin in July 2025. At the time, CEO Georges Karam announced plans to acquire 3,000 BTC within weeks, describing the strategy as a long-term store of value for shareholders.
In November, the company changed course. It sold about 970 BTC and reduced holdings from 3,234 BTC to 2,264 BTC, using the proceeds to redeem $94.5 million in convertible debt. Karam described the November sale as a tactical decision tied to balance sheet management, while saying the company remained committed to its bitcoin strategy.
The latest reduction further reshapes Sequans’ digital asset position.
Sequans reported a 24.8% drop in revenue for the first quarter of 2026, with revenue declining to $6.1 million from the same period a year earlier. The company recorded an operating loss of $50.5 million for the quarter.
In the first quarter of 2025, Sequans posted an operating loss of $6.8 million. The latest loss included $29.3 million in unrealized impairment losses on bitcoin holdings, as well as $11.7 million in realized net losses from digital asset sales.
The company said bitcoin impairments affected its financial performance, with unrealized losses reflected in operating results. It also recognized realized losses tied to the sale of 1,025 BTC during the quarter.
According to Bitcoin Treasuries data, Sequans ranks No. 40 among publicly traded companies holding bitcoin. The data show Sequans holds 818,334 BTC and leads the list, while Twenty One Capital and Metaplanet report holdings of 43,514 BTC and 40,177 BTC, respectively.
Sequans trades on Nasdaq. Its shares have fallen 51.5% over the past six months, closing at $3.01 on Tuesday, according to Google Finance data.
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