Sequans Communications has sold its last 314 BTC and is officially ending its Bitcoin strategy. The French group now no longer holds any crypto on its balance sheet, having owned more than 3,200 BTC at the peak of its accumulation. This release comes at a bad time for all treasury companies: according to DWF Ventures, only 4 of the 20 largest companies in the sector still quote above the value of their crypto assets. The premium that fueled their purchases is seriously starting to disappear.
In brief
- Sequans sold its last 314 BTC and is completely exiting its Bitcoin strategy.
- Only 4 of the top 20 crypto treasuries still have an mNAV greater than 1.
- The disappearance of this premium makes new share raisings much less attractive.
Sequans sells its last 314 BTC and closes the chapter
The experience lasted a little over a year. Sequans launched its Bitcoin strategy in June 2025 after announcing a raising of $384 million in shares and convertible debt. At its peak, the French semiconductor maker held over 3,200 BTC.
The release had already started several months ago. Tremplin.io detailed in May Sequans’ decision to liquidate most of its reserve to return to its historic activity. Sequans’ Bitcoin bet turns into a fiasco, the company sells off its assets and starts from scratch.
In November 2025, Sequans had sold 970 BTC in order to repay half of its convertible debt. Then, in May 2026, the company announced that it would no longer pursue its crypto treasury strategy and began to gradually monetize what remained.
As of June 30, the balance sheet still showed 314 BTC valued at $18.4 million. They have all just been sold. Sequans now claims to no longer have cryptocurrencies on its balance sheet and no longer carries any debt, with the exception of commitments linked to certain public research and development programs. Bitcoin is no longer in the equation.
Only four major crypto treasuries still retain a premium
Sequans leaves while the crypto treasury company model is going through a much less favorable period. DWF Ventures studied the 20 largest Digital Asset Treasuries, or DATs, based on their assets under management. Only four still had an mNAV greater than 1: Bit Digital, Strive, Hyperliquid Strategies and BitMine.
In other words, 16 out of 20 are now quoting below the value of their crypto reserves. mNAV compares the value assigned by the market to the company with that of the digital assets it holds. When it exceeds 1, investors agree to pay a premium to buy the stock rather than the crypto directly.
This mechanic has long provided fuel for Bitcoin treasuries. A company valued well above its BTC could issue new shares, raise money and then buy more Bitcoin. As long as this operation increased exposure per share, dilution remained easier to defend.
Strive is one of the few companies that still retains this premium. She also continues to accumulate. In early September, the company added 1,375 BTC for approximately $109 million, bringing its cash position to 24,531 BTC. For the majority of other crypto companies studied by DWF, the situation has been reversed.
When the premium disappears, the model becomes much less comfortable
A stock that trades below the value of its crypto assets can still raise money. Simply, the operation becomes much less attractive. Issuing new shares when the mNAV is less than 1 risks diluting existing shareholders without creating enough additional value per share. The circle that allowed you to issue, buy Bitcoin and then start again becomes more difficult to maintain.
DWF also estimates that since Strategy’s launch in 2020, most treasury company stocks have ultimately performed worse than directly owning their crypto asset. Even among those that outperformed, the gap generally remained limited.
The problem is not new. Standard Chartered already warned in 2025 that a widespread fall in mNAV could cause consolidation in the sector. Galaxy Digital had made a similar observation: the model depends heavily on the maintenance of a stock market premium.
Sequans shows what can happen when this mechanism no longer works. This does not mean that all Bitcoin treasuries are selling off. Strategy, on the contrary, remains extremely active. Michael Saylor’s group purchased another 950 BTC for $75.7 million this week and now holds around 846,000 bitcoins. Strategy buys 950 Bitcoins for $75.7 million The market is simply separating the companies further. On the one hand, a few crypto players retain a premium and can still raise capital under good conditions. On the other hand, the majority of large treasuries are already trading below the value of their assets. Sequans has chosen not to wait any longer: last 314 BTC sold, zero crypto on the balance sheet and return to semiconductors.
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