What happened?
Sequans, an early corporate Bitcoin holder, sold 970 BTC to pay down about half of its convertible debt. The move cut its debt-to-NAV ratio from 55% to 39% and left its holdings at roughly 2,264 BTC. Bitcoin dipped about 2.5% to near $102,000 after the sale, while Sequans said the decision was tactical and it remains committed to BTC long term.
Who does this affect?
Sequans shareholders and ADS holders are affected because the company is reallocating assets and expanding buybacks, which could change Bitcoin-per-share metrics. Short-term traders and market makers felt the impact as added selling pressure nudged price and momentum indicators lower. Other corporates and treasuries that hold Bitcoin may also be watching and could revisit their own balance-sheet strategies, potentially prompting more rebalancing.
Why does this matter?
This matters for the market because a sale from a well-known corporate treasury can increase short-term volatility and test critical support around $100k. Technicals point to a descending wedge and oversold RSI that could spark a rebound above $103,600, but failing $100,400 risks a move down toward $95k–$97.6k. Overall, the sale may cool near-term bullish momentum and remind investors that corporate debt actions and treasury management can quickly shift Bitcoin’s price direction.