The US stock-listed company Sequans has sold 970 Bitcoins to reduce debt.

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According to Deep Tide TechFlow news on November 4, as reported by Investing.com, the U.S. listed semiconductor company Sequans Communications (NYSE:SQNS) redeemed 50% of its convertible bonds by selling 970 Bitcoins. This transaction reduced the company's total debt from $189 million to $94.5 million.

Sequans currently holds 2264 Bitcoins, a decrease from the previous 3234. Based on the current market price, the company's net asset value in Bitcoin is approximately 240 million USD, and the debt to net asset value ratio has decreased from 55% to 39%.

Company CEO Georges Karam stated: “Our asset allocation strategy for Bitcoin and our firm belief in Bitcoin remain unchanged. This transaction is a tactical decision based on current market conditions, aimed at unlocking shareholder value.”

The debt reduction is expected to strengthen the ADS repurchase plan previously announced by the company. Sequans focuses on wireless 4G/5G cellular technology in the IoT field and announced earlier this year that it would adopt Bitcoin as a primary asset allocation.

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