Crypto Treasuries No Longer Attracting Investors

Sequans Communications has sold its last 314 BTC and officially ends its Bitcoin strategy. The French group no longer holds any crypto on its balance sheet, having owned over 3,200 BTC at the peak of its accumulation. This exit comes at a bad time for all treasury companies: according to DWF Ventures, only 4 of the 20 largest companies in the sector are still trading above the value of their crypto assets. The premium that fueled their purchases is seriously starting to disappear.

In Brief

• Sequans has sold its last 314 BTC and completely exits its Bitcoin strategy.
• Only 4 of the top 20 crypto treasuries still show an mNAV above 1.
• The disappearance of this premium makes new equity raises much less attractive.

Sequans Sells Its Last 314 BTC and Closes the Chapter

The experience lasted just over a year. Sequans launched its Bitcoin strategy in June 2025 after announcing a raise of $384 million in equity and convertible debt. At its peak, the French semiconductor manufacturer held over 3,200 BTC.

The exit had already begun several months ago. Cointribune detailed in May Sequans' decision to liquidate most of its reserve to return to its historical business. Sequans' Bitcoin bet has turned into a fiasco, as the company liquidates its assets and starts from scratch.

In November 2025, Sequans sold 970 BTC to repay half of its convertible debt. Then, in May 2026, the company announced 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 have no cryptocurrencies on its balance sheet and no debt, except for commitments related to certain public research and development programs. Bitcoin is no longer part of the equation.

Only Four Major Crypto Treasuries Still Retain a Premium

Sequans departs as the model for crypto treasury companies faces a much less favorable period. DWF Ventures studied the 20 largest Digital Asset Treasuries (DAT) based on their assets under management. Only four still showed an mNAV above 1: Bit Digital, Strive, Hyperliquid Strategies, and BitMine.

In other words, 16 out of 20 are now trading below the value of their crypto reserves. The mNAV compares the market value attributed to the company with that of the digital assets it holds. When it exceeds 1, investors are willing to pay a premium to buy the stock rather than the crypto directly.

This mechanism 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 the exposure per share, dilution remained easier to defend.

Strive is among the few companies that still retain this premium. It continues to accumulate as well. At the beginning of September, the company added 1,375 BTC for about $109 million, bringing its treasury to 24,531 BTC. For the majority of the other crypto companies studied by DWF, the situation has 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 funds. However, the operation becomes much less attractive. Issuing new shares when the mNAV is below 1 risks diluting existing shareholders without creating enough additional value per share. The cycle that allowed issuing, buying Bitcoin, and then repeating becomes harder to maintain.

DWF also estimates that since the launch of the Strategy in 2020, most treasury company stocks have ultimately performed worse than holding their crypto asset directly. Even among those that have outperformed, the gap has generally remained limited.

The problem is not new. Standard Chartered had already warned in 2025 that a widespread drop in mNAV could trigger a consolidation in the sector. Galaxy Digital had made a similar observation: the model heavily relies on maintaining a stock premium.

Sequans shows what can happen when this mechanism no longer works. This does not mean that all Bitcoin treasuries are selling. Strategy remains, on the contrary, extremely active. Michael Saylor's group has just bought 950 BTC for $75.7 million this week and now holds approximately 846,000 bitcoins. The market is simply separating companies more. On one side, a few crypto players retain a premium and can still raise capital under good conditions. On the other side, the majority of large treasuries are already trading below the value of their assets. Sequans has chosen not to wait any longer: 314 last BTC sold, zero crypto on the balance sheet, and a return to semiconductors.