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Kyle Baird

Sequans Communications Sells 970 BTC to Reduce Convertible Debt by $94.5 Million

Paris-based Sequans Communications sold approximately 970 bitcoin to redeem $94.5 million in convertible debt, reducing its holdings from 3,234 BTC to 2,264 BTC. The transaction lowered the company's debt-to-net-asset-value ratio from 55% to 39%. The sale represents the first significant bitcoin offload by a publicly listed company with a bitcoin treasury strategy.