Sequans Communications just dumped their entire $BTC bag — all 314 coins gone. They once held 3,200+ $BTC.
Why? Convertible debt redemption hitting May 2026. They're pivoting back to their core biz: cellular IoT and software-defined radio.
This isn't isolated. We're seeing a real trend of public companies quietly exiting their Bitcoin treasury plays. The corporate $BTC thesis is getting stress-tested in real-time.
Watch the macro: if more firms follow Sequans, treasury demand could soften heading into Q2. Liquidity matters.
Why? Convertible debt redemption hitting May 2026. They're pivoting back to their core biz: cellular IoT and software-defined radio.
This isn't isolated. We're seeing a real trend of public companies quietly exiting their Bitcoin treasury plays. The corporate $BTC thesis is getting stress-tested in real-time.
Watch the macro: if more firms follow Sequans, treasury demand could soften heading into Q2. Liquidity matters.