Sequans completes Bitcoin Treasury redemption, refocuses on IoT chip business

CoinFeed reported on May 28th that, according to The Block, Paris-based IoT chip company Sequans Communications has completed the redemption of all convertible bonds related to its Bitcoin treasury, selling approximately 80% of its BTC holdings to repay debt. The company currently holds 658 "completely unrestricted" BTC and plans to "monetize" the remaining Bitcoin over time, but it is unclear whether this will involve further sales or on-chain uses such as collateral. Sequans raised approximately $385 million through debt and equity financing last year to establish its Bitcoin treasury, at one point holding approximately 3,000 BTC, before reducing its holdings multiple times between November 2023 and the first quarter of this year.