Paris-based Sequans Communications (ticker SQNS) said Tuesday it redeemed half of its outstanding convertible debt by selling roughly 970 bitcoin. It was a move Sequans framed as “strategic asset reallocation” aimed at strengthening its balance sheet.
The sale trims Sequans’ bitcoin treasury from 3,234 BTC to 2,264 BTC, worth around $232 million at current prices, and lowers its debt-to-net-asset-value ratio from 55% to 39%. The proceeds were used to pay down $94.5 million of convertible debt issued in July when it started its bitcoin accumulation strategy.
According to Bitcoin Treasuries, the sale drops Sequans from No. 29 to No. 33 among publicly traded companies holding bitcoin.
Despite management’s insistence that its “deep conviction in bitcoin remains unchanged,” the sale makes Sequans the first publicly listed bitcoin treasury company to significantly offload its holdings. Onchain analysts flagged the transfer last week after a wallet linked to Sequans moved nearly 1,000 BTC to a Coinbase address.
“Our bitcoin treasury strategy remains unchanged,” CEO Georges Karam said in a statement. “This transaction was a tactical decision aimed at unlocking shareholder value given current market conditions.”
Sequans said the debt reduction would enhance flexibility for its American Depositary Share buyback program and potential preferred-share issuance, while maintaining “long-term treasury optionality.”
The IoT semiconductor maker announced its bitcoin-treasury initiative in June, raising $385 million through debt and equity placements advised by Swan Bitcoin. The move was modeled on Strategy’s leveraged bitcoin-accumulation approach, using proceeds from securities offerings to buy and hold bitcoin as a reserve asset.
Sequans’ Nasdaq-listed stock traded near $6.20 on Tuesday, down 56% since the company began its bitcoin-treasury program. Bitcoin, meanwhile, slipped below $103,000, its lowest level in more than four months.
Sequans (SQNS) Stock Price. Source: Google Finance
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