The France-based semiconductor company has fully unwound a Bitcoin treasury that once held more than 3,200 BTC as more firms scale back crypto holdings.
Sequans Communications has sold its remaining 314 Bitcoin, completing its exit from a Bitcoin treasury strategy that once saw the semiconductor company hold more than 3,200 BTC.
On Thursday, the French semiconductor company said the exit follows the redemption of its convertible debt in May and will allow it to refocus on its core cellular internet-of-things (IoT) and software-defined radio businesses.
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 and no outstanding debt beyond government-financed research and development obligations.
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