Shares in semiconductor company Sequans fell more than 16 per cent on the news that it sold 30 per cent of its bitcoin holdings to redeem half of its convertible debt, in what it called a "strategic reallocation".
Georges Karam, chief executive of Sequans, said on Tuesday: "Our bitcoin reserve strategy and strong belief in bitcoin have not changed. This transaction is a tactical decision to unlock shareholder value based on the current market environment."
The sale reduced the company's bitcoin holdings from 3,234 to 2,264, missing its goal of accumulating 100,000 bitcoins over the next five years. The proceeds from the sale were used to reduce the company's outstanding debt from $189 million to $94.5 million.
Sequans sells 970 bitcoins to cut debt, causing shares to plunge 16%.
2025-11-04 23:53:24
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