Sequans、BTC 和銷售堆棧：受到審查的比特幣財務策略

Sequans 最近的 BTC 走勢引發了爭論。出售部分資金是明智之舉，還是比特幣金庫策略未來將面臨更艱難時期的跡象？

What's the deal with 'Sequans, BTC, Selling Stack'? Sequans, a microcap semiconductor company that jumped on the Bitcoin treasury bandwagon, made headlines by offloading some of its BTC. Let's dive into what this means for Sequans and the broader trend of companies holding Bitcoin on their balance sheets.

“Sequans、BTC、Selling Stack”是怎麼回事？ Sequans 是一家緊跟比特幣國債潮流的微型半導體公司，因拋售部分比特幣而成為頭條新聞。讓我們深入探討這對 Sequans 以及資產負債表上持有比特幣的公司的更廣泛趨勢意味著什麼。

Sequans Dips Its Toes into the Selling Stack

Sequans 涉足銷售領域

Back in October 2025, Sequans made its first significant outbound Bitcoin transaction, transferring 970 BTC (worth around $111 million at the time) to Coinbase Prime. This move raised eyebrows because Sequans had previously only been accumulating BTC. Was this a sign of a shift in strategy, or just a tactical maneuver?

早在 2025 年 10 月，Sequans 就進行了第一筆重大的比特幣出境交易，將 970 BTC（當時價值約 1.11 億美元）轉移到 Coinbase Prime。此舉引起了人們的關注，因為 Sequans 此前只積累了 BTC。這是戰略轉變的跡象，還是只是一種戰術策略？

Turns out, it was a bit of both. Alongside its third-quarter earnings report, Sequans announced it redeemed 50% of its July 2025 convertible debt by selling those 970 bitcoin, cutting total debt in half. CEO Georges Karam called it a tactical, market-driven decision, emphasizing that their long-term Bitcoin strategy remained intact.

事實證明，兩者兼而有之。在發布第三季度收益報告的同時，Sequans 還宣布通過出售這 970 枚比特幣，贖回了 2025 年 7 月可轉換債務的 50%，將債務總額減少了一半。首席執行官喬治·卡拉姆（Georges Karam）稱這是一個戰術性的、市場驅動的決定，並強調他們的長期比特幣戰略保持不變。

Why the Sell-Off? Debt Reduction and Future Plans

為什麼拋售？債務減少和未來計劃

The motivation behind the sale seems pretty straightforward: debt reduction. By lightening its debt load, Sequans aims to expand its capital market options. This includes its ADR buyback program, potential preferred share issuance, and even exploring yield-generating strategies using Bitcoin. Less leverage, more flexibility – makes sense, right?

出售背後的動機似乎非常簡單：減少債務。 Sequans 旨在通過減輕債務負擔來擴大其資本市場選擇。這包括其 ADR 回購計劃、潛在的優先股發行，甚至探索使用比特幣的收益生成策略。更少的槓桿，更大的靈活性——這是有道理的，對吧？

The Bigger Picture: BTC Treasuries and Market Realities

大局觀：比特幣國債和市場現實

Sequans isn't alone in the BTC treasury game. Other companies, like MicroStrategy and Block, have also embraced Bitcoin as a treasury asset. However, Sequans' stock performance paints a less rosy picture. Despite Bitcoin's price remaining relatively close to its all-time high, Sequans' ADRs have plummeted.

Sequans 並不是唯一參與 BTC 金庫遊戲的公司。 MicroStrategy 和 Block 等其他公司也將比特幣視為一種財務資產。然而，Sequans 的股票表現卻不太樂觀。儘管比特幣的價格仍相對接近歷史高點，但 Sequans 的 ADR 卻大幅下跌。

This highlights a critical point: a company's market capitalization can fall below the value of its Bitcoin holdings. This situation makes it challenging to raise capital for further BTC accumulation and might force companies to sell BTC to manage debt or return value to shareholders. Other firms such as Smarter Web are continuing to add to their BTC treasury but Sequans selling some of their stack may be a sign of tougher times for some Bitcoin treasury strategies.

這凸顯了一個關鍵點：公司的市值可能會低於其持有的比特幣價值。這種情況使得籌集資金以進一步積累比特幣變得具有挑戰性，並可能迫使公司出售比特幣以管理債務或向股東返還價值。 Smarter Web 等其他公司正在繼續增加其 BTC 金庫，但 Sequans 出售部分資產可能是某些比特幣金庫策略面臨艱難時期的跡象。

My Two Satoshis: A Reality Check for Bitcoin Treasuries

我的兩個中本聰：比特幣國債的現實檢驗

While I'm a believer in the long-term potential of Bitcoin, Sequans' experience serves as a reminder that Bitcoin treasury strategies aren't a guaranteed win. Market conditions, debt obligations, and overall company performance all play a role. It's not enough to simply hold Bitcoin; you need a sound strategy to manage it effectively.

雖然我相信比特幣的長期潛力，但 Sequans 的經歷提醒我，比特幣金庫策略並不能保證一定會成功。市場狀況、債務義務和公司整體業績都會產生影響。僅僅持有比特幣是不夠的；您需要一個健全的策略來有效地管理它。

For Sequans, selling some BTC to reduce debt seems like a prudent move. It allows them to navigate the current market environment and potentially unlock future opportunities. Whether this will ultimately pay off remains to be seen, but at least they're taking a proactive approach.

對於 Sequans 來說，出售一些 BTC 以減少債務似乎是一個謹慎的舉動。它使他們能夠駕馭當前的市場環境並潛在地釋放未來的機會。這最終是否會得到回報還有待觀察，但至少他們正在採取積極主動的方法。

Wrapping Up

總結

So, there you have it – the story of Sequans, Bitcoin, and the selling stack. It's a reminder that even in the world of crypto, old-fashioned financial principles still apply. And who knows, maybe Sequans will buy back those BTC at a lower price someday. Until then, let's keep an eye on the on-chain data and see what happens next.

現在，您已經了解了 Sequans、比特幣和銷售堆棧的故事。這提醒我們，即使在加密世界中，老式的金融原則仍然適用。誰知道呢，也許 Sequans 有一天會以更低的價格回購這些 BTC。在那之前，讓我們密切關注鏈上數據，看看接下來會發生什麼。