The France-based semiconductor company that announced a move into crypto is “no longer pursuing” a treasury strategy after less than a year.

In a Thursday notice, Sequans Communications said it held 658 Bitcoin BTCUSD worth about $48 million at the time of publication, which it said was “fully unencumbered” and unrestricted as it looks to refocus solely on Internet of Things (IoT) semiconductor growth.

The company’s NYSE-traded shares, which have shed more than 75% since last June, were up more than 14.5% in morning trading following the announcement.

According to the company, it had concluded the digital asset treasury strategy it launched in June 2025 and would “monetize remaining holdings over time.” The shift in strategy…