The exchange will replace its current fixed pricing method with an orderbook exponential weighted moving average (EWMA) model.
Bitcoin News
Paris-based chipmaker Sequans Communications sold 1,025 Bitcoin (BTC) in Q1 2026, cutting its digital asset reserves nearly in half. The company's holdings fell from 2,139 BTC at the end of 2025 to 1,114 BTC as of April 30, 2026, according to its Q1 earnings report.
The proceeds funded convertible debt redemptions and an ADS buyback program. Sequans posted a net loss of $54.3 million for the quarter, or $3.73 per diluted ADS, compared to a net loss of $7.3 million in the same period a year earlier. The results included $29.3 million in unrealized impairment losses on its Bitcoin holdings and $11.7 million in realized losses from the sales themselves.
Total revenue came in at $6.1 million, down 24.8% year-over-year. Product sales rose 45% during the period, but higher-margin licensing revenue was displaced by lower-margin hardware shipments. That shift compressed gross margins to 37.7% from 64.5% in Q1 2025. Operating losses reached $50.5 million for the quarter, against $6.8 million in the prior-year period.
Pledged Bitcoin Limits Treasury Flexibility
Of the 1,114 BTC still held, 817 BTC is pledged as collateral for $35.9 million in outstanding convertible notes. Those notes mature on June 1, 2026. The pledge covers more than 70% of the remaining position and leaves the company with little room to maneuver within its crypto treasury until the debt is resolved. Once the notes mature, all BTC holdings become unrestricted.
CEO Georges Karam began accumulating Bitcoin in July 2025, framing it as a "long-term store of value" for shareholders. The company announced plans to raise up to $200 million through share issuances to fund further purchases, with a stated target of 3,000 BTC.
This Q1 sale is the second major liquidation in less than a year. In November 2025, Sequans sold approximately 970 BTC, reducing holdings from 3,234 to 2,264 BTC to redeem $94.5 million in convertible debt. Karam described that transaction as a "tactical decision" tied to balance sheet management at the time.
Other Corporate Bitcoin Holders Have Also Retreated
Sequans is among several companies that have reduced crypto treasury exposure in recent months. MARA Holdings updated its policy in 2026 to allow the sale of accumulated BTC reserves after recording a $422.2 million fair value decrease on its holdings, and has since started selling alongside a round of layoffs. Riot Platforms, Hut 8 and Cango have also reduced BTC positions in that period. Nakamoto Holdings sold part of its position in March 2026 as its share price hit a new low. South Korean entertainment firm K Wave Media said on May 5 that it would redirect $485 million originally earmarked for a Bitcoin treasury into AI infrastructure instead.
Sequans' Nasdaq-listed shares (SQNS) have declined roughly 42% to 51.5% over the past six months. The company ranks 40th among publicly traded Bitcoin holders, according to Bitcoin Treasuries data. Strategy holds 818,334 BTC, Twenty One Capital holds 43,514 BTC, and Metaplanet holds 40,177 BTC by comparison.
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