Sequans, a Bitcoin treasury firm, has confirmed selling 970 BTC (around $100 million) to repurchase part of its convertible bonds and ease its debt burden. This marks the first such move among companies following the Digital Asset Treasury (DAT) strategy.
According to the company, the sale helped cut its total debt by half — from $189 million to $94.5 million. As of November 4, 2025, Sequans holds 2,264 BTC, valued at roughly $240 million, reducing its debt-to-NAV (Net Asset Value) ratio to 39%.
Sequans initially adopted a Bitcoin accumulation strategy in July 2025, using bond issuance to finance purchases. Its BTC reserves had previously grown to 3,234 BTC before the recent liquidation. Late in October, analysts from Arkham Intelligence spotted transfers of the firm’s Bitcoin holdings to Coinbase Prime, signaling the upcoming move.
Company CEO Georges Karam explained that this step is not an abandonment of their Bitcoin strategy, but rather a tactical decision aimed at strengthening financial resilience and unlocking shareholder value amid volatile market conditions:
“Our Bitcoin treasury management approach and our deep conviction in Bitcoin remain unchanged. This transaction was a tactical move to strengthen our balance sheet, relieve debt constraints, and open the door to new strategic opportunities for long-term growth.”
The debt buyback is part of a broader initiative to reduce ADS (American Depositary Shares), a move Sequans believes will make its securities more attractive and improve profitability.
Despite the effort, the company’s market performance remains weak. Its Market Net Asset Value (mNAV) stands at 0.77, meaning shares are trading at a discount to the underlying Bitcoin value. According to TradingView, Sequans’ stock is down 16.6% daily and 40.5% monthly, showing the market’s cautious reaction.
Analysts note this case sets a precedent among corporate Bitcoin holders and could influence other DAT participants, especially those facing high leverage ratios.
