Sequans Communications (NYSE: SQNS), a leading provider of 5G/4G cellular IoT semiconductor solutions, announced on May 28 that it has completed the redemption of all remaining debt tied to its Bitcoin (BTC) treasury.
The Paris-based company said it was the sale of nearly 80% of its total Bitcoin holdings that funded the debt redemption.
Related: Michael Saylor finally wants to sell Bitcoin
The company will now transition to a near debt-free balance sheet with increased financial flexibility and focus only on its core IoT and cellular semiconductor business, it said.
As of now, Sequans holds approximately 658 Bitcoin, now fully unencumbered, on its balance sheet. Though the company said it is planning to "monetize" its remaining Bitcoin over time, it didn't reveal any further details.
The Paris-based company said it was the sale of nearly 80% of its total Bitcoin holdings that funded the debt redemption.
Related: Michael Saylor finally wants to sell Bitcoin
The company will now transition to a near debt-free balance sheet with increased financial flexibility and focus only on its core IoT and cellular semiconductor business, it said.
As of now, Sequans holds approximately 658 Bitcoin, now fully unencumbered, on its balance sheet. Though the company said it is planning to "monetize" its remaining Bitcoin over time, it didn't reveal any further details.
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