{"id":90661,"date":"2025-11-05T10:50:57","date_gmt":"2025-11-05T07:50:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=90661"},"modified":"2025-11-05T10:56:41","modified_gmt":"2025-11-05T07:56:41","slug":"dat-firm-sequans-sells-970-btc-to-reduce-debt-amid-bitcoin-slide","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dat-firm-sequans-sells-970-btc-to-reduce-debt-amid-bitcoin-slide\/","title":{"rendered":"DAT firm Sequans sells 970 BTC to reduce debt amid bitcoin slide"},"content":{"rendered":"<p>French firm Sequans Communications <a href=\"https:\/\/sequans.com\/sequans-redeems-50-of-convertible-debt-through-strategic-asset-reallocation\/\">sold<\/a> 970 BTC to partially redeem its convertible debt. The transaction totalled about $94.5m.<\/p>\n<p>The company\u2019s reserves fell from 3,234 to 2,264 BTC. The remaining holdings are valued at $232m.<\/p>\n<p>Sequans dropped from 29th to 33rd in the ranking of the largest holders of bitcoin.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"728\" height=\"1024\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-da41c14b9416d886-8721512469239231-728x1024.png\" alt=\"image\" class=\"wp-image-268979\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-da41c14b9416d886-8721512469239231-728x1024.png 728w, https:\/\/forklog.com\/wp-content\/uploads\/img-da41c14b9416d886-8721512469239231-213x300.png 213w, https:\/\/forklog.com\/wp-content\/uploads\/img-da41c14b9416d886-8721512469239231-768x1081.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-da41c14b9416d886-8721512469239231.png 918w\" sizes=\"auto, (max-width: 728px) 100vw, 728px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasuries<\/a>. <\/figcaption><\/figure>\n<p>Sequans\u2019 debt-to-net-asset-value ratio fell from 55% to 39%. Company representatives said this will increase flexibility for the share buyback programme and a potential preferred-share offering.<\/p>\n<p>Chief executive George Karam called the move a tactical step to unlock shareholder value in current market conditions. He stressed the company\u2019s bitcoin strategy remains unchanged.<\/p>\n<p>Sequans <a href=\"https:\/\/sequans.com\/sequans-announces-384m-strategic-investment-to-launch-bitcoin-treasury-initiative\/\">began<\/a> accumulating bitcoin in June\u2014when it raised $385m through debt and equity placements. Since then the firm\u2019s shares have plunged almost 60% to $5.9.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-944963e7d26c90b3-8721529045963611-1024x559.png\" alt=\"image\" class=\"wp-image-268980\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-944963e7d26c90b3-8721529045963611-1024x559.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-944963e7d26c90b3-8721529045963611-300x164.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-944963e7d26c90b3-8721529045963611-768x419.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-944963e7d26c90b3-8721529045963611-1536x838.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-944963e7d26c90b3-8721529045963611.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/finance.yahoo.com\/quote\/SQNS\/\">Yahoo Finance<\/a>. <\/figcaption><\/figure>\n<p>The <span data-descr=\"ratio of the company\u2019s market capitalisation to its bitcoin reserves\" class=\"old_tooltip\">mNAV<\/span> of Sequans fell from a July peak of 20.45 to 0.6, according to BitcoinTreasuries. Readings for the largest bitcoin holders are also low:<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"189\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-e38848ce9a62bd39-8721558688294840-1024x189.png\" alt=\"image\" class=\"wp-image-268981\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-e38848ce9a62bd39-8721558688294840-1024x189.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-e38848ce9a62bd39-8721558688294840-300x55.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-e38848ce9a62bd39-8721558688294840-768x141.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-e38848ce9a62bd39-8721558688294840-1536x283.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-e38848ce9a62bd39-8721558688294840.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: BitcoinTreasuries. <\/figcaption><\/figure>\n<p>Lookonchain analysts drew attention to transfers from addresses linked to miner MARA Holdings. In less than a day the company sent 2,348 BTC worth $236m to FalconX, Two Prime, Galaxy Digital and Coinbase Prime.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Is <a href=\"https:\/\/twitter.com\/hashtag\/MARA?src=hash&#038;ref_src=twsrc%5Etfw\">#MARA<\/a>, the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> mining firm that had been consistently buying <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>, now selling?<\/p>\n<p>In the past 12 hours, <a href=\"https:\/\/twitter.com\/hashtag\/MARA?src=hash&#038;ref_src=twsrc%5Etfw\">#MARA<\/a> transferred a total of 2,348 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a>($236M) to <a href=\"https:\/\/twitter.com\/hashtag\/FalconX?src=hash&#038;ref_src=twsrc%5Etfw\">#FalconX<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/TwoPrime?src=hash&#038;ref_src=twsrc%5Etfw\">#TwoPrime<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/GalaxyDigital?src=hash&#038;ref_src=twsrc%5Etfw\">#GalaxyDigital<\/a>, and <a href=\"https:\/\/twitter.com\/hashtag\/CoinbasePrime?src=hash&#038;ref_src=twsrc%5Etfw\">#CoinbasePrime<\/a>.<a href=\"https:\/\/t.co\/9DlN5ZPsBz\">https:\/\/t.co\/9DlN5ZPsBz<\/a> <a href=\"https:\/\/t.co\/Sur1Swt1d8\">pic.twitter.com\/Sur1Swt1d8<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1985916305636278460?ref_src=twsrc%5Etfw\">November 5, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analysts allowed for asset sales. The firm holds 53,250 BTC worth $5.4bn.<\/p>\n<p>According to <a href=\"https:\/\/www.coingecko.com\/ru\/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B\/%D0%B1%D0%B8%D1%82%D0%BA%D0%BE%D0%B8%D0%BD\">CoinGecko<\/a>, over the past 24 hours bitcoin\u2019s price has <a href=\"https:\/\/forklog.com\/en\/news\/extreme-fear-bitcoin-slips-below-the-100000-psychological-mark\">fallen<\/a> by almost 3% to about ~$102,000.<\/p>\n<h2 class=\"wp-block-heading\">Ethereum<\/h2>\n<p>In late October the Ethereum-focused accumulator ETHZilla <a href=\"https:\/\/forklog.com\/en\/news\/sp-assigns-junk-bond-rating-to-strategy\">announced<\/a> $40m of asset sales to finance a share buyback. Representatives added they would continue selling until mNAV stabilises.<\/p>\n<p>ETHZilla manages 93,970 ETH worth $311.9m.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"290\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-6c3967d7ba3cf420-8721584560047472-1024x290.png\" alt=\"image\" class=\"wp-image-268982\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-6c3967d7ba3cf420-8721584560047472-1024x290.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-6c3967d7ba3cf420-8721584560047472-300x85.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-6c3967d7ba3cf420-8721584560047472-768x217.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-6c3967d7ba3cf420-8721584560047472-1536x434.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-6c3967d7ba3cf420-8721584560047472.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top-10 largest Ethereum holders among public companies. Source: <a href=\"https:\/\/www.strategicethreserve.xyz\/\">Strategic ETH Reserve<\/a>. <\/figcaption><\/figure>\n<p>The biggest holder remains BitMine, which keeps 3.4m ETH worth $11.2bn. Its mNAV is 1; in July the metric reached 5.6.<\/p>\n<p>Amid Ethereum\u2019s decline <a href=\"https:\/\/www.coingecko.com\/ru\/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B\/%D1%8D%D1%84%D0%B8%D1%80%D0%B8%D1%83%D0%BC\">to ~$3200<\/a> the firm faced paper losses of more than $1.3bn, writes <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-11-04\/tom-lee-s-big-crypto-bet-buckles-under-mounting-market-strain\">Bloomberg<\/a> citing 10x Research. BitMine\u2019s shares have tumbled 70% from the peak reached in July.<\/p>\n<p>Despite the strain, the company continues to accumulate crypto\u2014between October 27 and November 2 it <a href=\"https:\/\/www.prnewswire.com\/news-releases\/bitmine-immersion-bmnr-announces-eth-holdings-reaching-3-4-million-tokens-and-total-crypto-and-cash-holdings-of-13-7-billion-302602189.html\">purchased<\/a> 82,000 ETH. The firm\u2019s chairman Tom Lee <a href=\"https:\/\/forklog.com\/en\/news\/tom-lee-forecasts-ethereum-at-15000\">expects<\/a> Ethereum to reach $15,000.<\/p>\n<p>In October Lee <a href=\"https:\/\/forklog.com\/en\/news\/tom-lee-declares-burst-bubble-in-crypto-treasury-sector\">said<\/a> a bubble in the crypto-treasury segment had burst\u201480% of such vehicles trade below their net asset value. However, he argued, that signals not collapse but greater investor selectivity.<\/p>\n<h3 class=\"wp-block-heading\">Solana<\/h3>\n<p>The unrealised loss at the company focused on <a href=\"https:\/\/forklog.com\/en\/news\/what-is-solana-sol\">Solana<\/a>, Forward Industries, reached $382m, noted journalist Colin Wu.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">According to Defillama, Solana DAT firm Forward Industries, Inc. (Nasdaq: FORD) holds 6.82 million SOL purchased at an average price of $232. The position is now worth $1.2 billion, reflecting a 24.13% unrealized loss totaling $382 million. The company&#8217;s stock has fallen 73.6%\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1985883720138833994?ref_src=twsrc%5Etfw\">November 5, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm holds 6.8m SOL bought at an average price of $232. At the time of writing the altcoin trades at $156.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"600\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-914a5d17d468135b-8721615222202747-1024x600.png\" alt=\"image\" class=\"wp-image-268983\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-914a5d17d468135b-8721615222202747-1024x600.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-914a5d17d468135b-8721615222202747-300x176.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-914a5d17d468135b-8721615222202747-768x450.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-914a5d17d468135b-8721615222202747-1536x900.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-914a5d17d468135b-8721615222202747.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart of SOL\/USDT on Binance. Source: <a href=\"https:\/\/ru.tradingview.com\/chart\/atJ4mYHE\/?symbol=BINANCE%3ASOLUSDT\">TradingView<\/a>. <\/figcaption><\/figure>\n<p>Forward Industries\u2019 shares have slumped by almost 74% from the peak\u2014from $39.6 to $10.44. mNAV has dropped below 1.<\/p>\n<p>Ten companies are currently accumulating Solana. They hold 2.8% of the cryptocurrency\u2019s total supply\u201415,998 SOL worth $2.5bn.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"371\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-b1bcfad5ee898961-8721633759733535-1024x371.png\" alt=\"image\" class=\"wp-image-268984\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-b1bcfad5ee898961-8721633759733535-1024x371.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-b1bcfad5ee898961-8721633759733535-300x109.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-b1bcfad5ee898961-8721633759733535-768x278.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-b1bcfad5ee898961-8721633759733535-1536x557.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-b1bcfad5ee898961-8721633759733535.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.coingecko.com\/en\/treasuries\/solana\">CoinGecko<\/a>. <\/figcaption><\/figure>\n<p>In August the trend toward creating crypto treasuries <a href=\"https:\/\/forklog.com\/en\/news\/corporate-crypto-treasuries-divide-the-community\">sparked<\/a> debate among market participants.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>French firm Sequans Communications sold 970 BTC to partially redeem its convertible debt for about $94.5m.<\/p>\n","protected":false},"author":1,"featured_media":90662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"The company\u2019s shares fell 16% in a day","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1473,1795],"class_list":["post-90661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-reserve-currencies","tag-solana-reserve"],"aioseo_notices":[],"amp_enabled":true,"views":"172","promo_type":"1","layout_type":"1","short_excerpt":"The company\u2019s shares fell 16% in a day","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=90661"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90661\/revisions"}],"predecessor-version":[{"id":90663,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/90661\/revisions\/90663"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/90662"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=90661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=90661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=90661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}