The Wires Split Over Sequans' Last Bitcoin Sale; the SEC Filing Says 314

*The French chipmaker's $384 million bitcoin round trip ended with wires arguing over 314 versus 34 coins; the Form 6-K Sequans filed on 24 September names 314, and the NYSE cure clock opened on 14 September.*

Two wires, two numbers, one filing that settles it

On 24 September 2026, Sequans Communications announced it had sold its last bitcoin, closing the treasury strategy launched in June 2025 with a $384 million raise ²⁷. Crypto wires spent the following days disagreeing: BlockchainReporter counted the final sale at 314 BTC, CoinTurk at 34, and trade summaries reported Sequans had issued no official figure↗ ¹. The official figure exists. The press release Sequans filed with the SEC on 24 September, as an exhibit to a Form 6-K↗, states the company "sold the remaining 314 Bitcoin held on its balance sheet as of June 30, 2026" ⁷. The 314 figure is the filed number; the 34 has no document behind it, and no cited source explains how CoinTurk arrived at it ¹⁷.

The stakes: a $50 million squeeze

The exit is exhibit A in a listing fight. On 14 September the NYSE notified Sequans it had breached Section 802.01B↗: average global market cap over 30 trading days below $50 million and stockholders' equity below $50 million ⁶. The ADSs closed at $2.97 on 23 September↗, with market cap at $44.68 million, down more than 90 percent from the July 2025 peak ³⁴². CEO Georges Karam has 90 days to submit a compliance plan and nine months to cure, and the plan leans on the bitcoin exit and the IoT refocus ⁶.

What the holdings trail shows

The disclosed record traces the unwind: 370 BTC bought in July 2025, a peak the two trade reports put at more than 3,200 ² and above 3,300 ⁸, 970 sold in November 2025 to redeem half the convertible debt, 1,025 more in the first quarter, 314 left by end of June, zero by late September ⁸⁷. It is a buy-high, sell-low round trip: an $11.7 million realized loss dumping coins in Q1 against a $5.3 million gain in Q2, debt raised near cycle highs and repaid into the downturn ⁸².

What the chips must do

The filed release pairs the exit with the growth case: Q2 2026 product revenue up more than 80 percent year over year, six-month backlog tripled, a first drone design win for the RF transceiver ⁷. Lake Street reiterated Buy at $8 on 25 September; Roth MKM posted $20 on 14 September, the notice day itself ⁴. Both targets must square with the sub-$50 million equity base the NYSE cited ⁴⁶.

What to watch

The filing settled the quantity, but not the ledger: the 6-K exhibit gives no proceeds, no September sale dates and no per-coin prices ⁷. Both figures belong in the half-year report alongside the two $50 million tests the notice names ⁶⁷. The compliance plan is due around mid-December 2026, the cure runs to roughly June 2027 ⁶. A stock pinned under both thresholds by one crypto trade stays a delisting candidate until the IoT book, not the wire reports, closes the gap.