Sequans Communications liquidates final 314 BTC after 15-month treasury run
Good Morning Lions,
Sequans Communications just closed out its Bitcoin treasury strategy, selling the final 314 BTC on September 24 and unwinding a peak position of 3,234 Bitcoin accumulated over 15 months. The Paris-based semiconductor company is using the proceeds to retire convertible debt and shore up its balance sheet — a concrete reversal from the corporate treasury accumulation trend that picked up steam over the past year and a half. The move signals a shift in how some public companies are thinking about Bitcoin exposure when macro conditions tighten and debt service becomes the priority.
This matters because corporate Bitcoin adoption was supposed to compound. When MicroStrategy, Tesla, and others went all-in, the narrative was that institutions would keep stacking. Sequans' exit is a reminder that conviction has limits when the cost of capital rises and balance sheet health becomes urgent.
Sequans exits BTC treasury. Prediction markets heat up on Kansas Senate race. XRPL's AMM concentration spike. MultiversX mainnet back online after five-day halt.
Sequans Exits Bitcoin Treasury, Liquidates 3,234 BTC Position
TL;DR: Sequans Communications unwound its entire Bitcoin treasury strategy by selling 314 BTC on September 24, closing a 15-month accumulation run that peaked at 3,234 Bitcoin. The semiconductor company is using proceeds to retire convertible debt and strengthen its balance sheet—a reversal that tests whether corporate Bitcoin adoption can survive tightening macro conditions.
Kansas Senate Odds Shift as Democrats' Super PAC Considers Spending
TL;DR: Senate Democrats' primary super PAC is weighing spending in Kansas, where polling shows a toss-up between incumbent Republican Roger Marshall and Democrat Adam Hamilton. Prediction market odds on a Democratic victory jumped to 30.5% from 25% a week ago—a concrete signal that the race is tightening faster than traditional polling captures.
Lightspeed Cuts India AI Fund Target to $300–$350M
TL;DR: Lightspeed Venture Partners is raising its fifth India-focused fund with a $300–$350 million target, down from $500 million in 2022, as the firm narrows focus to early-stage AI startups. The smaller target reflects tighter venture capital discipline and a regional shift toward AI infrastructure over generalist bets.
XRPL's AMM Concentration Problem: Two Pools, 97% of Volume
TL;DR: Two XRPL AMM pools exchanging TIX for other issued tokens accounted for 97.24% of seven-day volume despite recording only 185 total trades and zero activity in the latest 24 hours. The extreme concentration reveals how thin liquidity can be on emerging DEX infrastructure, even when on-chain volume looks superficially healthy.
KelpDAO Sues LayerZero Over $292M rsETH Bridge Exploit
TL;DR: Evercrest Technologies filed a lawsuit against LayerZero and CEO Bryan Pellegrino, alleging that compromised infrastructure and poisoned RPC data—not KelpDAO's code—enabled the $292 million rsETH bridge exploit in April 2026. The suit disputes LayerZero's public blame-shifting and claims the company endorsed the security configuration that failed.
IBIT Options Suggest Bitcoin Volatility Is Cooling
TL;DR: Implied volatility in IBIT options has fallen to 11.9 on its 12-month rank, near the bottom of its range, signaling that traders expect smaller Bitcoin price swings ahead despite recent market turbulence. When options markets price in calm, it usually sticks—at least until macro data or leverage positions force a repricing.
MultiversX Mainnet Back Online; Kraken Still Restricts EGLD
TL;DR: MultiversX's mainnet came back online September 24 after a five-day exploit-related shutdown, but Kraken continues restricting EGLD trading to cancel-only mode with deposits and withdrawals suspended. The exchange's caution signals that the damage assessment is ongoing and full liquidity restoration may take longer than the network recovery.
The real tension is whether this volatility floor holds or breaks when the next macro shock hits. Options are pricing calm, but leverage is still lurking underneath. — Khal
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More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.