Bitcoin Magazine Sequans Sells 970 Bitcoin to Slash Debt, Bitcoin Price Slumps to $101,000

Sequans Communications S.A. (NYSE: SQNS) sold 970 Bitcoin to redeem 50% of its July convertible debt. The move reduced total debt from $189 million to $94.5 million.

The company’s Bitcoin treasury now stands at 2,264 BTC, worth about $240 million. This lowers Sequans’ debt-to-net-asset-value ratio from 55% to 39%. The sale frees up capital and boosts flexibility for the company’s ADS buyback program.

Sequans is the first publicly listed Bitcoin treasury company to offload a significant portion of its holdings. The transaction does not change the company’s long-term Bitcoin strategy, the company said.

The Paris-based IoT semiconductor provider will continue to pursue its Bitcoin treasury initiativ

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