Bringing convertible bonds and crypto leverage together, the French this time didn’t get romantic—only leaving behind tens of millions of dollars in tuition fees and an -80% K-line.

French semiconductor company Sequans launches corporate Bitcoin reserve plan to counter delisting risk, holding a maximum of 3,234 Bitcoins and issuing convertible bonds collateralized by Bitcoin.
After the plan was implemented, the stock price plummeted significantly, selling some Bitcoins to repay debt and announcing termination in 2026, resulting in a total loss of tens of millions of dollars, with the stock price dropping over 80% since the launch.