Sequans Communications Transfers 970 BTC to Coinbase, Raising Speculation Over Treasury Strategy

• Sequans transfers 970 BTC worth $111M to Coinbase in first major treasury move.
• Stock drops 60% YoY despite $384M Bitcoin strategy and share buyback program.
• Corporate treasuries now hold 4.05M BTC, with Sequans ranked 32nd globally.

Sequans Communications has transferred 970 Bitcoin (BTC), valued at approximately $111 million, to Coinbase in what marks its first outbound transaction since beginning its Bitcoin accumulation program earlier this year.

On-chain data from Arkham Intelligence confirmed the transfer, prompting market speculation about whether the Nasdaq-listed semiconductor manufacturer intends to sell part of its holdings or reorganize its custody arrangements.

The company, which initiated its Bitcoin treasury strategy in July 2025, currently holds around 2,264 BTC worth roughly $255 million. Sequans’ approach mirrors that of corporate holders, such as MicroStrategy and Block, which are designed to diversify balance sheet assets through exposure to Bitcoin.

Sequans Stock Performance Declines Despite Treasury Strategy

Despite early optimism, Sequans’ stock has seen ongoing weakness since the launch of its Bitcoin initiative. After climbing more than 27% following the announcement of its $384 million strategic investment, the stock has since fallen approximately 60% year over year. The decline reflects ongoing investor caution toward firms with significant exposure to digital assets.

Sequans’ shares, which peaked near $53 in July, have since dropped to $7.83, a decline of nearly 62% in six months. The downward trend has continued despite the company’s 10% share buyback program authorized in September, allowing the repurchase of up to 1.57 million American Depositary Shares in an effort to signal balance sheet stability.

Possible Custody Reorganization with Coinbase

While the BTC transfer sparked speculation about a possible liquidation, the move may also indicate a shift in custody strategy. Coinbase Prime, the institutional division of Coinbase, offers secure storage and over-the-counter trading designed to reduce market impact. The transfer coincided with Coinbase’s third-quarter earnings report, which showed a 44% year-over-year increase in revenue to $1.79 billion and a total trading volume of $299 billion.

Coinbase’s custody services have reportedly attracted about 15% of institutional Bitcoin holders due to compliance and security features. Sequans’ shift toward the exchange could therefore align with broader institutional migration trends observed across the digital asset sector.

Data shows that corporate and institutional entities collectively hold about 4.05 million BTC, equivalent to 5.73% of the total supply. Strategy remains the largest Bitcoin treasury firm with 640,808 BTC, while Sequans ranks 32nd among publicly tracked holders.