Sequans clears Bitcoin holdings: Listed company dreams of hoarding coins, wakes up in debt In June 2025, French semiconductor company Sequans Communications announced the establishment of a Bitcoin treasury with the goal of rapidly accumulating up to 3000 BTC. For a moment, another traditional company embraced the narrative of encryption, and the stock price of SQNS soared along with the sentiment. On May 28, 2026, Sequans announced that they had sold nearly 80% of their holdings and the remaining 658 BTC, with all the money earned going towards debt repayment. The CEO's original words were 'strengthen the balance sheet and simplify the capital structure'. Initially, buying BTC was considered a strategic asset, but now selling BTC is seen as a debt burden. The stock price of SQNS has dropped by 90% from its peak. Is this script familiar to you? MicroStrategy was also ridiculed at the time, but MSTR emerged as a winner in four years because Saylor was truly all in, had faith, patience, and financing ability to withstand the drawdown. The essence of Sequans' 'corporate treasury management' is that the management team uses shareholders' money to follow the trend and speculate on currency - if it rises, it is the CEO's wisdom, and if it falls, it is' focusing on core business'. Learn at least three points from this incident: 1、 Buying BTC by listed companies is not a positive signal, but a test of management's judgment. It's better not to buy if you dare not bear it. 2、 Any FOMO packaged with "diversified treasury" entering the market, the timing for escaping to the top is always when the management is most panicked - that is, when it is cut at the lowest point. 3、 In this circle, there is only one way to distinguish who Saylor is and who Sequans is: to see if he still adds positions after falling 80%. Adding is faith, cutting is speculation. Empathy in dealing with people: When following the trend, everyone is a strategist, and when unable to withstand it, everyone returns to their original intention. Don't be fooled by the narrative on the PPT, a person's background will only be exposed under pressure.