French semiconductor firm Sequans Communications, known for its corporate Bitcoin holdings, has transferred 970 BTC to Coinbase Prime, marking the first major movement of its crypto assets since implementing its digital asset treasury (DAT) strategy. The transfer, recorded by Arkham Intelligence on October 28, could indicate either portfolio rebalancing or potential sales activity.
Corporate Bitcoin Strategy and Holdings
Sequans Communications, which develops IoT devices and connectivity solutions, announced in July 2025 the creation of a dedicated crypto treasury with the goal of accumulating over 3,000 BTC. At the time, CEO Georges Caram emphasized that the initiative reflected the company’s confidence in Bitcoin as a long-term store of value for shareholders.
The initial purchases were financed through a combination of private funding and debt instruments totaling $384 million. Currently, the firm maintains control of 2,264 BTC, valued at approximately $255.8 million at the time of reporting, suggesting that the 970 BTC transfer represents a substantial portion of its holdings.
Market and Stock Implications
Sequans’ shares (NYSE: SQNS) have faced downward pressure, trading with a 12% decline on the monthly chart and a 61% drop over a longer horizon, reflecting a market-to-net asset value (mNAV) ratio of 0.74—indicating that the stock trades at a discount relative to its assets.
Industry analysts note that such corporate Bitcoin movements may influence market liquidity and investor sentiment, particularly as institutional participation in digital assets grows. Arkham Intelligence experts highlight that this is the first sizable BTC transfer by Sequans since implementing its treasury strategy, though the ultimate purpose of the transfer remains unconfirmed.
Outlook and Corporate Crypto Trends
Sequans’ crypto treasury initiative is part of a broader trend of corporations actively managing digital assets. Similar programs by public companies signal confidence in Bitcoin as a strategic investment, with potential implications for market trends and treasury management practices.
