A significant transaction has caught the market’s attention this week, as Sequans Communications moved a substantial portion of its Bitcoin holdings to Coinbase. This move by the semiconductor firm, which has pivoted to become a prominent Bitcoin treasury company, has sparked a debate on whether it signals a sale or a strategic shift in asset management.
A Landmark Transaction
On October 28, 2025, Sequans Communications executed a transfer of 970 BTC to Coinbase, with the total value of the transaction estimated at approximately $111 million. This event is particularly notable as it marks the company’s first major outbound movement of Bitcoin since it began its corporate treasury accumulation strategy in July 2025.
Despite this sizable transfer, Sequans remains heavily invested in Bitcoin. Following the move, the company’s wallet still holds a formidable 2,264 BTC, valued at around $255 million. This solidifies its position as a significant player among public companies holding Bitcoin on their balance sheets.
Weighing the Intent: Sale or Strategic Move?
The crypto community is divided on the intention behind this transfer, as moving assets to an exchange can sometimes, but not always, precede a sale.
The case for a potential sale often points to the fact that large transfers to exchanges are closely watched by traders and can fuel speculation about impending selling pressure. Furthermore, Sequans’ stock has faced challenges, declining significantly since the announcement of its Bitcoin treasury strategy, which some attribute to investor skepticism over the risks of holding volatile digital assets.
However, several indicators suggest this might be a routine custody reorganization rather than a liquidation event. Notably, Bitcoin’s market price showed no immediate disruptive reaction following the transfer, which one would typically expect from a sale of this magnitude. More importantly, institutions of Sequans’ size do not usually sell large positions directly on open exchanges; they utilize Over-the-Counter (OTC) desks to avoid market slippage and significant price impacts. The specific use of Coinbase Prime, known for its institutional-grade custody and treasury services, strongly supports the theory that this is an operational move for secure storage or other treasury management purposes.
A Glimpse into Evolving Corporate Treasury Strategy
Sequans’ actions offer a real-time case study in how corporate Bitcoin strategies are maturing. The company has publicly stated an ambitious goal to acquire up to 100,000 BTC by 2030. This recent transfer appears to be less about abandoning that vision and more about actively managing the assets within it. By partnering with a regulated and secure custodian like Coinbase Prime, Sequans is demonstrating a model that other corporations might follow—one that prioritizes security, regulatory compliance, and operational flexibility while maintaining a long-term bullish outlook on Bitcoin.
