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Sequans sells remaining 314 BTC, fully exiting its Bitcoin treasury

Cointelegraph reports the company completed the exit after redeeming its convertible debt in May and said the move leaves it with no cryptocurrency holdings.

Reported · Written up by our desk · Market Structure

Sequans Communications has sold its remaining 314 Bitcoin, fully unwinding a Bitcoin treasury strategy the French semiconductor company previously used to hold more than 3,200 BTC, according to Cointelegraph.

Cointelegraph reports Sequans said the exit follows its redemption of convertible debt in May, which the company linked to the liquidation of its remaining BTC.

The company said the completed strategy change will let it refocus on its core cellular internet-of-things and software-defined radio businesses, Cointelegraph added.

Sequans CEO Georges Karam said the company used Bitcoin sales to eliminate its convertible debt and strengthen its balance sheet, leaving Sequans with no cryptocurrency holdings.

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