<p>法国半导体公司 Sequans Communications 在采用比特币财库策略不到一年后正式结束了这一策略，撤回了曾被视为长期储备计划和财务韧性之路的高调实验。</p>
<blockquote>
<p>💸 Sequans 结束其比特币赌注</p>
<p>Sequans Communications 结束了其加密货币策略。这家法国公司出售了一部分比特币以偿还其可转换债务，从而结束了其比特币冒险。</p>
<p>它保留了 658 个比特币，但宣布不再…</p>
<p>— Cryptoast (@CryptoastMedia) 2026 年 5 月 28 日</p>
</blockquote>
<p>该公司确认通过出售比特币已完全赎回其可转换债务，并计划将剩余的 658 个比特币进行变现。在其巅峰时期，Sequans 持有 3,234 个比特币，并在越来越多的上市公司将比特币视为企业财库资产的浪潮中占据了一席之地。</p>
<p>这一退出标志着该公司在几个月前还将比特币视为其长期战略基石的戏剧性逆转。</p>
<p>Sequans 于 2025 年 6 月启动其比特币财库计划，此前不久它收到了纽约证券交易所的警告，称其市值和股东权益已低于上市要求的阈值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/9fdc2cf6b93d5d6fefae508bfe42ae54.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/9fdc2cf6b93d5d6fefae508bfe42ae54.png"/></p>
<p>该公司与 Swan Bitcoin 合作，通过私募融资筹集了 3.84 亿美元，宣传这一举措是为了增强其资产负债表并创造长期股东价值。</p>
<p>但融资结构从一开始就带来了重大风险。</p>
<p>虽然 1.95 亿美元来自股权发行，但另外 1.89 亿美元是通过以比特币本身作为担保的可转换债务筹集的。实际上，该公司的财库策略的很大一部分是通过直接与其比特币持有价值挂钩的杠杆融资的。</p>
<blockquote>
<p>🔴 比特币价格：$72,500 pic.twitter.com/QGOwcZ3bdW</p>
<p>— Bitcoin Price (@BTCPrice) 2026 年 5 月 28 日</p>
</blockquote>
<p>到 2025 年 10 月，Sequans 已累计持有 3,234 个比特币，平均购买价格为每个 116,643 美元。</p>
<p>随着市场条件恶化，该策略迅速受到压力。在建立头寸仅几个月后，Sequans 出售了 970 个比特币以满足债务义务，成为首批清算其持有大量比特币的上市公司之一。</p>
<p>这一举动与战略主席 Michael Saylor 倡导的买入并持有的理念形成了鲜明对比，他一直主张企业财库在市场疲软时期也应避免出售比特币。</p>
<p>该公司的最新公告使其立场变得非常明确。在一份声明中，Sequans 表示</p>
<p>“财库策略已结束。”</p>
<p>首席执行官 Georges Karam 将债务赎回描述为一个重要的转折点，并表示公司现在完全专注于扩大其物联网半导体业务。</p>
<blockquote>
<p>Sequans 完成可转换债务的全部赎回 ✅</p>
<p>更强的资产负债表，简化的资本结构，以及专注于扩大其物联网半导体业务 🚀https://t.co/QYU5EPqjmO$SQNSpic.twitter.com/Nj46rs8yms</p>
<p>— Sequans (@Sequans) 2026 年 5 月 28 日</p>
</blockquote>
<p>这一语气与早期赞扬比特币作为首要长期资产的声明形成了鲜明对比。财务结果有助于解释这一变化。</p>
<p>Sequans 在 2026 年第一季度报告了 5050 万美元的运营亏损，收入仅为 610 万美元。其 2025 年年报显示净亏损为 1.093 亿美金，其中包括与其比特币持有相关的 6740 万美元未实现减值。公司的累计亏损达到了 1.451 亿美元。</p>
<blockquote>
<p>最新消息：瑞典上市公司 Bitcoin Treasury Capital（$BTCB）额外购买了 1 个比特币，目前总持有量为 169.25 个比特币。</p>
<p>🔸比特币 100 排名：92🔸 pic.twitter.com/phR8ewoJw3</p>
<p>— BitcoinTreasuries.NET (@BTCtreasuries) 2026 年 5 月 27 日</p>
</blockquote>
<p>与此同时，Sequans 的股票持续下滑。过去一年，该股下跌了约 77%，并且仍远低于首次宣布比特币财库策略时的水平。</p>
<p>原本旨在增强公司资产负债表的策略最终变成了一条代价高昂的弯路。在将比特币视为长期储备资产不到一年后，Sequans 现在正在出售其剩余持有，并将重心重新放回到本应通过该策略得以拯救的半导体业务上。</p>

GBTC

RIOT

BTCI

<p>Sequans Communications 已经放弃了其比特币储备策略，距离其推出不到一年，出售部分持有的比特币以偿还可转换债务。该公司曾持有 3,234 BTC，现在保留 658 BTC，并计划重新聚焦于其物联网半导体业务。此决定是在经历了重大财务损失后做出的，包括 2026 年第一季度 5,050 万美元的营业损失和 2025 年 1.093 亿美元的净损失，导致过去一年股价下跌了 77%</p>

<p>French semiconductor company Sequans Communications has officially ended its Bitcoin treasury strategy less than a year after adopting it, unwinding a high-profile experiment that was once pitched as a long-term reserve plan and a path toward financial resilience.</p>
<div class="lb-trans"><p>法国半导体公司 Sequans Communications 在采用比特币财库策略不到一年后正式结束了这一策略，撤回了曾被视为长期储备计划和财务韧性之路的高调实验。</p>
</div><blockquote>
<p>💸 Sequans met fin à son pari Bitcoin</p>
<p>Sequans Communications tourne la page de sa stratégie crypto. L’entreprise française a vendu une partie de ses BTC pour rembourser sa dette convertible, clôturant ainsi son aventure Bitcoin.</p>
<p>Elle conserve 658 BTC, mais annonce ne plus…</p>
<p>— Cryptoast (@CryptoastMedia) May 28, 2026</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>💸 Sequans 结束其比特币赌注</p>
<p>Sequans Communications 结束了其加密货币策略。这家法国公司出售了一部分比特币以偿还其可转换债务，从而结束了其比特币冒险。</p>
<p>它保留了 658 个比特币，但宣布不再…</p>
<p>— Cryptoast (@CryptoastMedia) 2026 年 5 月 28 日</p>
</blockquote>
</div><p>The company confirmed it has fully redeemed its convertible debt by selling Bitcoin and now plans to monetize its remaining 658 BTC holdings. At its peak, Sequans held 3,234 BTC and positioned itself among a growing wave of public companies embracing Bitcoin as a corporate treasury asset.</p>
<div class="lb-trans"><p>该公司确认通过出售比特币已完全赎回其可转换债务，并计划将剩余的 658 个比特币进行变现。在其巅峰时期，Sequans 持有 3,234 个比特币，并在越来越多的上市公司将比特币视为企业财库资产的浪潮中占据了一席之地。</p>
</div><p>The exit marks a dramatic reversal for a company that only months ago described Bitcoin as a cornerstone of its long-term strategy.</p>
<div class="lb-trans"><p>这一退出标志着该公司在几个月前还将比特币视为其长期战略基石的戏剧性逆转。</p>
</div><p>Sequans launched its Bitcoin treasury initiative in June 2025 shortly after receiving a warning from the New York Stock Exchange that its market capitalization and shareholders' equity had fallen below required listing thresholds.</p>
<div class="lb-trans"><p>Sequans 于 2025 年 6 月启动其比特币财库计划，此前不久它收到了纽约证券交易所的警告，称其市值和股东权益已低于上市要求的阈值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/9fdc2cf6b93d5d6fefae508bfe42ae54.png" alt="" original-src="https://image.coinlive.com/cryptotwits-static/9fdc2cf6b93d5d6fefae508bfe42ae54.png"/></p>
<p>The company partnered with Swan Bitcoin and raised $384 million through a private placement, promoting the move as a way to strengthen its balance sheet and create long-term shareholder value.</p>
<div class="lb-trans"><p>该公司与 Swan Bitcoin 合作，通过私募融资筹集了 3.84 亿美元，宣传这一举措是为了增强其资产负债表并创造长期股东价值。</p>
</div><p>But the structure of the financing carried significant risks from the start.</p>
<div class="lb-trans"><p>但融资结构从一开始就带来了重大风险。</p>
</div><p>While $195 million came from equity issuance, another $189 million was raised through secured convertible debt backed by the Bitcoin itself. In effect, a large portion of the company's treasury strategy was financed using leverage tied directly to the value of its BTC holdings.</p>
<div class="lb-trans"><p>虽然 1.95 亿美元来自股权发行，但另外 1.89 亿美元是通过以比特币本身作为担保的可转换债务筹集的。实际上，该公司的财库策略的很大一部分是通过直接与其比特币持有价值挂钩的杠杆融资的。</p>
</div><blockquote>
<p>🔴 Bitcoin Price: $72,500 pic.twitter.com/QGOwcZ3bdW</p>
<p>— Bitcoin Price (@BTCPrice) May 28, 2026</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>🔴 比特币价格：$72,500 pic.twitter.com/QGOwcZ3bdW</p>
<p>— Bitcoin Price (@BTCPrice) 2026 年 5 月 28 日</p>
</blockquote>
</div><p>By October 2025, Sequans had accumulated 3,234 BTC at an average purchase price of $116,643 per coin.</p>
<div class="lb-trans"><p>到 2025 年 10 月，Sequans 已累计持有 3,234 个比特币，平均购买价格为每个 116,643 美元。</p>
</div><p>The strategy quickly came under pressure as market conditions deteriorated. Barely months after building its position, Sequans sold 970 BTC to meet debt obligations, becoming one of the first public Bitcoin treasury companies to liquidate a significant portion of its holdings.</p>
<div class="lb-trans"><p>随着市场条件恶化，该策略迅速受到压力。在建立头寸仅几个月后，Sequans 出售了 970 个比特币以满足债务义务，成为首批清算其持有大量比特币的上市公司之一。</p>
</div><p>The move contrasted sharply with the buy-and-hold philosophy championed by Strategy chairman Michael Saylor, who has consistently argued that corporate treasuries should avoid selling Bitcoin even during periods of market weakness.</p>
<div class="lb-trans"><p>这一举动与战略主席 Michael Saylor 倡导的买入并持有的理念形成了鲜明对比，他一直主张企业财库在市场疲软时期也应避免出售比特币。</p>
</div><p>The company's latest announcement makes the company's stance crystal clear. In a statement, Sequans said</p>
<div class="lb-trans"><p>该公司的最新公告使其立场变得非常明确。在一份声明中，Sequans 表示</p>
</div><p>&#34;Treasury Strategy Concluded.&#34;</p>
<div class="lb-trans"><p>“财库策略已结束。”</p>
</div><p>Chief executive Georges Karam described the debt redemption as an important turning point and said the company is now fully focused on expanding its Internet of Things semiconductor business.</p>
<div class="lb-trans"><p>首席执行官 Georges Karam 将债务赎回描述为一个重要的转折点，并表示公司现在完全专注于扩大其物联网半导体业务。</p>
</div><blockquote>
<p>Sequans completes full redemption of its convertible debt ✅</p>
<p>Stronger balance sheet, simplified capital structure, and focus on scaling its IoT semiconductor business 🚀https://t.co/QYU5EPqjmO$SQNSpic.twitter.com/Nj46rs8yms</p>
<p>— Sequans (@Sequans) May 28, 2026</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>Sequans 完成可转换债务的全部赎回 ✅</p>
<p>更强的资产负债表，简化的资本结构，以及专注于扩大其物联网半导体业务 🚀https://t.co/QYU5EPqjmO$SQNSpic.twitter.com/Nj46rs8yms</p>
<p>— Sequans (@Sequans) 2026 年 5 月 28 日</p>
</blockquote>
</div><p>The tone represents a sharp departure from earlier statements praising Bitcoin as a premier long-term asset. Financial results help explain the change.</p>
<div class="lb-trans"><p>这一语气与早期赞扬比特币作为首要长期资产的声明形成了鲜明对比。财务结果有助于解释这一变化。</p>
</div><p>Sequans reported a $50.5 million operating loss during the first quarter of 2026 on revenue of just $6.1 million. Its 2025 annual report showed a net loss of $109.3 million, including a $67.4 million unrealized impairment tied to its Bitcoin holdings. The company's accumulated deficit reached $145.1 million.</p>
<div class="lb-trans"><p>Sequans 在 2026 年第一季度报告了 5050 万美元的运营亏损，收入仅为 610 万美元。其 2025 年年报显示净亏损为 1.093 亿美金，其中包括与其比特币持有相关的 6740 万美元未实现减值。公司的累计亏损达到了 1.451 亿美元。</p>
</div><blockquote>
<p>JUST IN: Swedish public company Bitcoin Treasury Capital ($BTCB) buys an additional 1 #Bitcoin and now holds a total of 169.25 BTC.</p>
<p>🔸Bitcoin 100 Ranking: 92🔸 pic.twitter.com/phR8ewoJw3</p>
<p>— BitcoinTreasuries.NET (@BTCtreasuries) May 27, 2026</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>最新消息：瑞典上市公司 Bitcoin Treasury Capital（$BTCB）额外购买了 1 个比特币，目前总持有量为 169.25 个比特币。</p>
<p>🔸比特币 100 排名：92🔸 pic.twitter.com/phR8ewoJw3</p>
<p>— BitcoinTreasuries.NET (@BTCtreasuries) 2026 年 5 月 27 日</p>
</blockquote>
</div><p>Meanwhile, Sequans shares have continued to slide. The stock has fallen roughly 77% over the past year and remains significantly below levels seen when the Bitcoin treasury strategy was first announced.</p>
<div class="lb-trans"><p>与此同时，Sequans 的股票持续下滑。过去一年，该股下跌了约 77%，并且仍远低于首次宣布比特币财库策略时的水平。</p>
</div><p>What was intended to strengthen the company's balance sheet ultimately became a costly detour. Less than a year after embracing Bitcoin as a long-term reserve asset, Sequans is now selling its remaining holdings and returning its focus to the semiconductor business that the strategy was supposed to help save.</p>
<div class="lb-trans"><p>原本旨在增强公司资产负债表的策略最终变成了一条代价高昂的弯路。在将比特币视为长期储备资产不到一年后，Sequans 现在正在出售其剩余持有，并将重心重新放回到本应通过该策略得以拯救的半导体业务上。</p>
</div>

Sequans 在接受比特币国库押注不到一年后就放弃了这一策略