Sequans Trims Bitcoin Holdings by 79% Amid Refocus on Chip Business

Sequans Communications has significantly reduced its Bitcoin holdings over the past three months. The French chipmaker, listed on the NYSE as SQNS, now holds 314 BTC, down from 1,514 coins at the end of March.

The value of these remaining Bitcoins is $18.4 million, a decrease from the $103.2 million in March. This reduction comes after the company spent months boxed in by collateral rules due to its convertible notes.

CEO Georges Karam attributed the sales to 'capital-structure housekeeping' and stated that the company had fully redeemed its convertible debt in May. The company now has no debt on its books and $21 million in cash, up from $10.6 million three months earlier.