Sequans sells 970 bitcoins to reduce debt, stock price plunges 16%

Jinse Finance reported that semiconductor company Sequans sold 30% of its bitcoin holdings to redeem half of its convertible debt, an action the company described as a "strategic asset reallocation." Following the news, the company's stock price fell by more than 16%. Sequans CEO Georges Karam stated on Tuesday: "Our bitcoin reserve strategy and strong conviction in bitcoin remain unchanged. This transaction is a tactical decision made in light of the current market environment to unlock shareholder value." This sale reduced the company's bitcoin holdings from 3,234 to 2,264, deviating from 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.