French semiconductor company Sequans Communications has sold all 314 bitcoin it still held, fully ending its bitcoin treasury strategy. The company once held more than 3,200 BTC and moved aggressively to accumulate more. About a year later, it decided to refocus on its core semiconductor business.

Cointelegraph and Sequans said on Sept. 24, local time, that the company sold all 314 BTC it held as of late June. That brought its cryptocurrency holdings to zero. The company said it also had no outstanding debt, except obligations linked to government-supported research and development projects.

Sequans announced its bitcoin treasury strategy in June last year and raised a total of $384 million, or about 521.9 billion won, through equity and convertible secured bonds. The deal was completed the following month. It then bought bitcoin quickly, lifting its holdings to 3,234 BTC by early November. At the time, the company described bitcoin as a core long-term asset and at one point set out a goal of securing 100,000 BTC by 2030.

The strategy changed direction just a few months later. In November last year, Sequans sold 970 BTC and repaid half of $189 million, or about 256.9 billion won, in convertible notes. In May this year, it repaid the remaining notes through additional bitcoin sales. About 658 BTC remained at the time, but the company said it would no longer pursue the bitcoin treasury strategy and would dispose of the remaining holdings in stages.

Sequans CEO Georges Karam (조르주 카람) said, "Through the bitcoin sale, we simplified our capital structure and strengthened our financial position." The company plans to focus resources on growth in its semiconductor business, including cellular internet of things (IoT), software-defined radio communications (SDR) and technology licensing.

It is not a case unique to Sequans. VanEck data cited by Cointelegraph showed at least 9 companies this year have halted bitcoin or cryptocurrency treasury strategies or liquidated their holdings in full. It listed debt repayment, securing working capital, shareholder returns and changes in business strategy as major reasons.