# Swan-Sponsored Sequans Becomes First Bitcoin DAT to Dump Crypto

*Author: Jack Inabinet*
*Published: Nov 4, 2025*
*Source: https://www.bankless.com/read/news/swan-sponsored-sequans-becomes-first-bitcoin-dat-to-dump-crypto*

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Sequans (NYSE: SQNS)– an IoT semiconductor designed turned Bitcoin digital asset treasury (DAT) – announced this morning that it had redeemed 50% of outstanding convertible debt, selling BTC to repay lenders in the process.

### What's the Scoop?
- **Debt Down: **Sequans sold 970 BTC to pay off roughly $94.5M in convertible debt, the first reserve sale from any BTC DAT. Termed a "Strategic Asset Reallocation" by management, the sale knocked Sequans from No. 29 to No. 33 among public firms holding Bitcoin. 
- **Market Timing:** The sale comes as BTC plunges below its critical $100k threshold for the first time since June. SQNS stock is down over 90% since it peaked in mid-July, and shares closed down nearly 17% on the day.
- **Positive Framing:** In a press release about the sale, Sequans CEO Georges Karam [positioned](https://sequans.com/sequans-redeems-50-of-convertible-debt-through-strategic-asset-reallocation/) the sale as “a tactical decision” to strengthen the balance sheet while keeping “long-term treasury optionality.”

> Sequans Redeems 50% of Convertible Debt Through Strategic Asset Reallocation.This move opportunistically leverages Bitcoin holdings to enhance financial flexibility, reduce Debt-to-NAV ratio, and boost buyback capacity while preserving long-term treasury optionality. [$SQNS](https://twitter.com/search?q=%24SQNS&src=ctag&ref_src=twsrc%5Etfw)Learn… [pic.twitter.com/bTbVMQGC2T](https://t.co/bTbVMQGC2T)— Sequans (@Sequans) [November 4, 2025](https://twitter.com/Sequans/status/1985665024283558291?ref_src=twsrc%5Etfw)