France-based Sequans continues to unwind BTC position to recommit to IoT

Sequans Communications reduced its Bitcoin treasury dramatically in Q2, selling 1,200 BTC and ending June with 314 BTC worth about $18.4 million. The move helped the French chipmaker fully redeem its convertible debt, leaving it debt-free with $21 million in cash and refocusing management attention on its core IoT semiconductor business. The article highlights a shift away from the company’s earlier Bitcoin accumulation strategy, which had peaked above 3,300 coins, and notes Sequans booked a $5.3 million realized gain on the sales. Operationally, the chip business showed some improvement, with Q2 revenue of $7.5 million, up 23.2% from Q1 and above guidance. The market reacted positively, with SQNS rising 17.62% pre-market to $2.87, though it remains well below its 52-week high.