The US-listed semiconductor company Sequans has confirmed that it has sold 970 bitcoins to reduce debt

According to a report by Investing.com, U.S. listed semiconductor company Sequans Communications (NYSE: SQNS) redeemed 50% of its convertible bonds by selling 970 bitcoins. This transaction reduced the company's total debt from $189 million to $94.5 million. Sequans currently holds 2,264 bitcoins, down from 3,234 previously. At current market prices, the company's net asset value in bitcoins is approximately $240 million, and the debt-to-net asset value ratio has decreased from 55% to 39%.

Company CEO Georges Karam stated, "Our bitcoin asset allocation strategy and firm belief in bitcoin remain unchanged. This transaction is a tactical decision based on current market conditions, aimed at unlocking shareholder value." The debt reduction is expected to enhance the company's previously announced ADS buyback program. Sequans focuses on wireless 4G/5G cellular technology in the Internet of Things sector and announced earlier this year that it would adopt bitcoin as a primary asset allocation asset.