US-listed financial treasury company Sequans confirms the sale of 970 bitcoins to reduce debt
On November 4, according to Investing, the US-listed semiconductor company Sequans Communications (NYSE:SQNS) redeemed 50% of its convertible bonds by selling 970 bitcoins. This transaction reduced the company's total debt from $189 million to $94.5 million. Sequans currently holds 2,264 bitcoins, down from the previous 3,234. Based on current market prices, the company's net bitcoin asset value is approximately $240 million, and the debt-to-net asset value ratio has dropped from 55% to 39%. Company CEO Georges Karam stated: "Our bitcoin asset allocation strategy and firm belief in bitcoin remain unchanged. This transaction is a tactical decision based on current market conditions, aimed at unlocking shareholder value." This debt reduction is expected to enhance the company's previously announced ADS buyback program. Sequans focuses on wireless 4G/5G cellular technology in the IoT sector and earlier this year announced the adoption of bitcoin as its primary asset allocation asset.
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