French semiconductor company Sequans Communications plans to halt its digital-asset treasury strategy and gradually sell its bitcoin holdings. The company holds 658 bitcoins worth about $48 million at the time of disclosure and said the holdings are unpledged and unrestricted. Sequans cited debt cleanup as a key driver and said it fully redeemed all convertible bonds issued in July 2025, partly funded by bitcoin sales. It will refocus on growing its IoT semiconductor business.

European companies\' bitcoin treasury strategies are likely to be difficult to replicate directly from Michael Saylor\'s Strategy model, an analysis said. Firms are designing separate bitcoin-linked financing structures amid shallower capital markets and stricter regulation than in the United States. Speakers at Paris Blockchain Week 2026 said differences in market size, rules and investors make direct copying hard. Holdings are rising but remain fragmented among small and mid-cap companies, with several reporting unrealised losses.