SEAL SQ & SEALCOIN: A Legitimate Vision or a Fundraising Ploy?

WISeKey is a well-established Swiss cybersecurity company with a strong track record, major clients, and a presence on NASDAQ. Their semiconductor subsidiary, SealSQ, spun off in 2023 and also trades publicly. SealSQ claims a base of 1.6 billion semiconductors already in the market and has ambitious plans with WiseSAT, a global IoT network using low Earth orbit (LEO) picosatellites. On the surface, this all sounds like an innovative and forward-thinking venture. However, concerns arise when examining the financial state of SealSQ and its new crypto initiative — SEALCOIN.

SealSQ: The Semiconductor Play with a Troubling Market Performance.

SealSQ was launched with significant hype and financial backing, raising $400 million during its spin-off. Despite this, its stock ($LAES) has plummeted since its launch — from $14.73 per share in May 2023 to a mere $5.99 today. This rapid decline raises questions about the company’s underlying financial health and market confidence.SealSQ claims to be a leading semiconductor innovator, but key concerns persist. They do not manufacture their own chips, nor do they own a fabrication plant. Instead, they appear to buy off-the-shelf CPUs, flash them with new firmware, and rebrand them with their “proprietary” software before reselling them. There is little evidence of groundbreaking technology here — it’s more of a repackaging exercise. This model is akin to buying cheap bulk products on a marketplace like Temu, slapping on a new label, and marketing them as a superior alternative. It might work, but not for long.Additionally, SealSQ’s involvement in multiple ventures — including electric vehicle charging — suggests a lack of a clear business focus. A company pivoting frequently to capitalize on trending markets can sometimes indicate financial instability rather than innovation.

SEALCOIN: A Cryptocurrency with Questionable Viability.

While WISeKey and SealSQ have roots in legitimate technology, SEALCOIN appears to be the odd one out. SEALCOIN is supposed to integrate into their semiconductor base, allowing automated inventory replenishment and seamless IoT transactions. Conceptually, this aligns with the WiseSAT IoT ambitions, but the lack of concrete details is concerning.A deeper look into SEALCOIN’s marketing raises additional red flags. Their YouTube promotional materials rely on stock footage, AI-generated voiceovers, and generic crypto jargon — indicators often associated with low-effort crypto projects designed more for speculation than utility. Worse, the videos emphasize investment opportunities rather than technological breakthroughs.One of the most questionable moments comes from WISeKey’s CEO in a Hashgraph Association speech at Davos. He mentions raising $400 million when SealSQ spun off and suggests that mixing traditional investment with tokenization is the future. This suggests that SEALCOIN may be another vehicle for raising capital rather than a well-developed product with tangible use cases.

The Big Question: Why SEALCOIN?

A fundamental issue with SEALCOIN is why it exists at all. If WISeKey and SealSQ truly want to enable seamless IoT transactions, why not use stablecoins or traditional financial systems? Stablecoins already exist for this purpose and are far less volatile than SEALCOIN, which, as a speculative asset, would introduce unnecessary financial complexity.Furthermore, the lack of technical information regarding SEALCOIN’s security model, governance, and integration raises concerns. If SEALCOIN is merely a fundraising tool, it risks being abandoned once the company secures additional capital — leaving early investors with worthless tokens.

Conclusion

While WISeKey and SealSQ are established companies, SEALCOIN feels more like an opportunistic move to raise capital rather than a well-thought-out technological breakthrough. SealSQ’s struggling stock performance adds to the skepticism, as it appears that the company is looking for alternative ways to generate investor interest.This could simply be an experimental foray into crypto, or it could be a calculated attempt to drum up funding while using vague technological promises as a cover. Either way, the lack of clear use cases, weak marketing materials, and unexplained financial motivations make SEALCOIN difficult to take seriously.For those who enjoy speculative opportunities, there may be potential to ride a pump. However, for serious investors looking for long-term value, both SealSQ and SEALCOIN currently lack the substance to justify confidence. Any potential investor should approach with caution and demand more transparency before considering any involvement.

*At the time of writing $LAES is trading at $5.99*