In a recent research, I came across $SANS almost by accident. I was analyzing $GCTS and needed a peer — a non-smartphone 4G/5G fabless semiconductor company listed on a US exchange. Sequans came up. The more I looked, the stranger the picture.
At the time, the company’s market cap was around $44M. Its Bitcoin holdings were worth roughly $62M. The market was effectively valuing the core semiconductor business at negative $18M — two decades of IoT chip-making, priced below zero. I wrote then: “If clearing the Bitcoin position was the first door to open, the second is H2 revenue actually materializing.”
Today (May 28), the first door opened.
