Sequans、BTC 和销售堆栈：受到审查的比特币财务策略

Sequans 最近的 BTC 走势引发了争论。出售部分资金是明智之举，还是比特币金库策略未来将面临更艰难时期的迹象？

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”是怎么回事？ Sequans 是一家紧跟比特币国债潮流的微型半导体公司，因抛售部分比特币而成为头条新闻。让我们深入探讨这对 Sequans 以及资产负债表上持有比特币的公司的更广泛趋势意味着什么。

Sequans Dips Its Toes into the Selling Stack

Sequans 涉足销售领域

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 就进行了第一笔重大的比特币出境交易，将 970 BTC（当时价值约 1.11 亿美元）转移到 Coinbase Prime。此举引起了人们的关注，因为 Sequans 此前只积累了 BTC。这是战略转变的迹象，还是只是一种战术策略？

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.

事实证明，两者兼而有之。在发布第三季度收益报告的同时，Sequans 还宣布通过出售这 970 枚比特币，赎回了 2025 年 7 月可转换债务的 50%，将债务总额减少了一半。首席执行官乔治·卡拉姆（Georges Karam）称这是一个战术性的、市场驱动的决定，并强调他们的长期比特币战略保持不变。

Why the Sell-Off? Debt Reduction and Future Plans

为什么抛售？债务减少和未来计划

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?

出售背后的动机似乎非常简单：减少债务。 Sequans 旨在通过减轻债务负担来扩大其资本市场选择。这包括其 ADR 回购计划、潜在的优先股发行，甚至探索使用比特币的收益生成策略。更少的杠杆，更大的灵活性——这是有道理的，对吧？

The Bigger Picture: BTC Treasuries and Market Realities

大局观：比特币国债和市场现实

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 并不是唯一参与 BTC 金库游戏的公司。 MicroStrategy 和 Block 等其他公司也将比特币视为一种财务资产。然而，Sequans 的股票表现却不太乐观。尽管比特币的价格仍相对接近历史高点，但 Sequans 的 ADR 却大幅下跌。

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.

这凸显了一个关键点：公司的市值可能会低于其持有的比特币价值。这种情况使得筹集资金以进一步积累比特币变得具有挑战性，并可能迫使公司出售比特币以管理债务或向股东返还价值。 Smarter Web 等其他公司正在继续增加其 BTC 金库，但 Sequans 出售部分资产可能是某些比特币金库策略面临艰难时期的迹象。

My Two Satoshis: A Reality Check for Bitcoin Treasuries

我的两个中本聪：比特币国债的现实检验

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.

虽然我相信比特币的长期潜力，但 Sequans 的经历提醒我，比特币金库策略并不能保证一定会成功。市场状况、债务义务和公司整体业绩都会产生影响。仅仅持有比特币是不够的；您需要一个健全的策略来有效地管理它。

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.

对于 Sequans 来说，出售一些 BTC 以减少债务似乎是一个谨慎的举动。它使他们能够驾驭当前的市场环境并潜在地释放未来的机会。这最终是否会得到回报还有待观察，但至少他们正在采取积极主动的方法。

Wrapping Up

总结

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.

现在，您已经了解了 Sequans、比特币和销售堆栈的故事。这提醒我们，即使在加密世界中，老式的金融原则仍然适用。谁知道呢，也许 Sequans 有一天会以更低的价格回购这些 BTC。在那之前，让我们密切关注链上数据，看看接下来会发生什么。