French semiconductor company Sequans Communications has terminated its Bitcoin reserve strategy after incurring significant financial losses. Initially launched in June 2025 to mitigate delisting risks from the New York Stock Exchange, the program saw Sequans accumulate up to 3,234 BTC. However, the company has now repaid its convertible bonds by selling its Bitcoin holdings and plans to liquidate its remaining 658 BTC. The strategy, which was intended to be a long-term reserve asset, lasted less than a year. Sequans's stock has plummeted by 77% this year, with a cumulative decline of 97% over five years. The company reported a net loss of $109.3 million for 2025, with $67.4 million attributed to unrealized impairment losses on Bitcoin. CEO Georges Karam announced a shift in focus back to the core IoT semiconductor business, abandoning previous commitments to Bitcoin as a long-term investment.