Sequans exits Bitcoin treasury after selling 314 BTC
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- Sequans Communications S.A. (NYSE:SQNS) has completed its Bitcoin treasury exit after selling its remaining 314 Bitcoin.
- Product revenue grew more than 80% year-on-year in the second quarter.
- The company is refocusing on cellular IoT, 5G eRedCap and software-defined radio.
Sequans Communications S.A. (NYSE:SQNS) has completed its Bitcoin treasury exit after selling its remaining 314 Bitcoin (BTC).
The company began unwinding its treasury strategy after redeeming its remaining convertible debt in May.
“By eliminating our convertible debt, monetizing our remaining Bitcoin holdings in a measured and opportunistic manner,” Sequans CEO Georges Karam said in a statement.
Sequans now holds no cryptocurrency and retains no outstanding debt beyond government-financed research obligations.
The semiconductor company reported product revenue growth above 80% year-on-year during the second quarter.
Its six-month product backlog more than tripled year-on-year, while 5G eRedCap development continues.
Sequans also secured its first drone design win and is expanding its software-defined radio pipeline.
Following the announcement, Sequans shares were down 4.04% at $2.85.
