Sequans sells 314 BTC to exit treasury strategy
Bitcoin (BTC)
Editor:
Eugene Serbin
grafa.com reports that Sequans Communications S.A. (NYSE:SQNS) has completed its Bitcoin treasury exit after selling its remaining 314 Bitcoin (BTC). The semiconductor company began unwinding its strategy after redeeming its remaining convertible debt in May and now holds no cryptocurrency and no outstanding debt beyond government-financed research obligations. Sequans reported product revenue growth above 80% year-on-year during the second quarter, with its six-month product backlog more than tripling year-on-year. The company also secured its first drone design win and continues 5G eRedCap development, though its shares fell 4.04% to $2.85 following the announcement.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 25 September 2026. Not the outlet's figures.
Bitcoin is trading at $84,410.24 with a 24-hour buy ratio of 47.0%, indicating that buying pressure is fading compared to the stronger 1-hour reading of 45.1% and the 4-hour reading of 45.5%. The volume delta shows net selling, with -$11,116,756 in the last hour and -$19,417,209 over four hours, contributing to a 24-hour cumulative volume delta of -$126,886,151. This negative volume delta means that the total value of sell orders has exceeded buy orders over the measured periods. Spot volume reached $1,572,042,148 in 24 hours across 3,293,051 trades, with net buying occurring in only 8 of the last 24 hours.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 50.5%, making today's 24-hour ratio of 47.0% an unusual day with lower buying interest. The daily buy ratio is 3.4 points below the weekly average, highlighting a shift toward selling pressure. Volume for the day was 1.01x the average, showing normal trading activity despite the reduced buying ratio. Over the past eight days, the price increased by 10.5%, while the total volume delta was -$63,701,502, indicating that selling has outweighed buying over the longer timeframe. This week saw net buying on only 4 of the 7 days, contrasting with the current hour's slightly higher relative buy ratio but sustained negative delta.