In July 2025, Bitcoin treasury companies faced significant declines in stock prices. Sequans Communications, one of these firms, experienced sharp price fluctuations after deciding to accumulate Bitcoin.
Sequans’ Bitcoin Pivot
Sequans Communications, a semiconductor manufacturer based in Paris, entered the cryptocurrency space in 2024 when its stock plummeted from around $7 to $1. In June 2025, Sequans announced a partnership with Swan to create a Bitcoin treasury, raising over $384 million. As Ben Werkman from Swan noted in an interview with CNBC, regulatory changes prompted this move:
> "The emergence of Bitcoin treasury companies changes everything." > — Ben Werkman on CNBC
SQNS Price Volatility
The SQNS stock experienced extreme volatility throughout July. Following a brief spike from $1.43 to $5.39, the stock fell to $1.3 by the end of the month. This trend was consistent with a decline in stocks of other semiconductor companies, likely exacerbated by Galaxy Digital relocating large amounts of BTC to exchanges, which temporarily pressured the market.
Other Treasury Companies
Sequans was not the only treasury company to see stocks fall in July. Many other treasury firms, such as Nakamoto and 21 Capital, also lost more than 50% of their market value. For instance, Nakamoto's stock dropped from $13.5 to below $8, while 21 Capital saw a decline from $41 to $25.5. This indicates a growing lack of investor confidence in such businesses and their dependence on Bitcoin's stability.
The situation in the Bitcoin treasury companies market in July 2025 raises concerns regarding the sustainability of these business models. Despite Bitcoin's record-high recovery, companies in this segment are facing significant challenges.
