Crypto: Corporate Treasuries Plunge Below NAV En Masse

Sequans Communications sold its last 314 BTC and officially ends its Bitcoin strategy. The French group now holds no crypto on its balance sheet, after owning more than 3,200 BTC at the peak of its accumulation. This exit comes at a bad time for all treasury companies: according to DWF Ventures, only 4 of the 20 largest companies in the sector still trade above the value of their crypto assets. The premium that fueled their purchases is seriously starting to disappear.

Sequans sells its last 314 BTC and closes the chapter

The experience lasted a little over a year. Sequans launched its Bitcoin strategy in June 2025 after announcing a $384 million raise in shares and convertible debt. At its peak, the French semiconductor manufacturer held more than 3,200 BTC.

The exit had already started several months earlier. Cointribune detailed in May Sequans’s decision to liquidate most of its reserve to return to its core business. Sequans’s Bitcoin bet turns into a fiasco, the company sells off its assets and starts over.

In November 2025, Sequans sold 970 BTC to repay half of its convertible debt. Then, in May 2026, the company announced it was no longer pursuing its crypto treasury strategy and began gradually monetizing the remaining assets.

As of June 30, the balance sheet still showed 314 BTC valued at $18.4 million. They have just all been sold. Sequans now states it has no cryptocurrencies on its balance sheet and no longer carries any debt, except for commitments related to certain public research and development programs. Bitcoin is no longer in the equation.

Only four major crypto treasuries still keep a premium

Sequans leaves as the crypto treasury companies’ model is going through a much less favorable period. DWF Ventures studied the 20 largest Digital Asset Treasuries, or DATs, according to their assets under management. Only four still showed an mNAV above 1: Bit Digital, Strive, Hyperliquid Strategies, and BitMine.

In other words, 16 out of 20 now trade below the value of their crypto reserves. The mNAV compares the value assigned by the market to the company with that of the digital assets it holds. When it exceeds 1, investors agree to pay a premium to buy the stock rather than the crypto directly.

This mechanism has long provided fuel to Bitcoin treasuries. A company valued well above its BTC could issue new shares, raise money, and then buy more Bitcoin. As long as this operation increased exposure per share, dilution was easier to defend.

Strive is among the few companies that still retain this premium. It also continues to accumulate. In early September, the company added 1,375 BTC for about $109 million, bringing its treasury to 24,531 BTC. For the majority of other crypto companies studied by DWF, the situation has reversed.

When the premium disappears, the model becomes much less comfortable

A stock trading below the value of its crypto assets can still raise funds. Simply put, the operation becomes much less attractive. Issuing new shares when the mNAV is below 1 risks diluting existing shareholders without creating enough additional value per share. The cycle that allowed issuing, buying Bitcoin, then repeating becomes harder to sustain.

DWF also estimates that, since Strategy launched its strategy in 2020, most treasury company stocks have ultimately underperformed holding their crypto assets directly. Even among those that outperformed, the gap generally remained limited.

The problem is not new. Standard Chartered already warned in 2025 that a generalized drop in mNAV could trigger consolidation in the sector. Galaxy Digital made a similar observation: the model strongly depends on maintaining a market premium.

Sequans shows what can happen when this mechanism no longer works. This does not mean all Bitcoin treasuries are selling. Strategy remains, on the contrary, extremely active. Michael Saylor’s group has bought another 950 BTC for $75.7 million this week and now holds about 846,000 bitcoins. Strategy buys 950 Bitcoins for $75.7 million The market simply separates companies more. On one side, a few crypto players retain a premium and can still raise capital under good conditions. On the other, most large treasuries already trade below the value of their assets. Sequans chose not to wait any longer: last 314 BTC sold, zero crypto on the balance sheet, and back to semiconductors.