A semiconductor company cleared out its Bitcoin treasury in less than a year, with the CEO saying "focusing all efforts on core business." Sequans started building up its position high-profile since June last year, planning to hold 3,000 BTC, but now has sold nearly 80% of its holdings to redeem convertible bonds, leaving only 658 BTC. The stock price has fallen over 90% from its peak, while Bitcoin's price during the same period went from $70k to $73k, with little volatility.

This is not an isolated case. While MicroStrategy was still leveraging up to buy more coins, more small and medium-sized companies were quietly exiting. The narrative around corporate treasury strategies is diverging: the 2024-2025 "Bitcoin balance sheet" boom is essentially a product of low-interest environments and risk appetite resonance. Now, with high interest rates, AI sector capital flows are diverting funds, and semiconductor companies prefer to invest in R&D rather than digital gold.
Sequans's exit path is also noteworthy: it repaid its convertible bonds by selling Bitcoin, rather than liquidating directly. This indicates that corporate treasury liquidity management is returning to traditional financial logic—debt first, speculation later. If more listed companies follow suit, the demand side for Bitcoin in corporate contexts will face structural contraction.
The counter-risk is that this is precisely one of the market bottom characteristics: the weak exit, the strong increase positions. But the current macro environment does not support the simple narrative of "weak exit equals bottom"—ETF funds continue to flow out, US-Iran tensions remain unresolved, AI capital is shifting elsewhere, and the decline in corporate treasuries may just be the beginning.
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