Paris-based semiconductor company Sequans, a pioneer in adopting Bitcoin as a primary treasury reserve asset, has sold 970 Bitcoin (BTC) for the first time to pay off its debts. This strategic move reduced the company's total debt from $189 million to $94.5 million, effectively cutting it by 50%.
Following the sale, Sequans' Bitcoin holdings decreased from 3,234 BTC to 2,264 BTC. The company, listed on the New York Stock Exchange, emphasized that the decision was driven by current market conditions. CEO Georges Karam stated in an official release, "Our Bitcoin treasury strategy and our deep belief in Bitcoin remain unchanged. This sale was a tactical decision given current market conditions. It strengthens our financial foundation and, by removing certain debt covenant restrictions, allows us to execute a broader range of strategic initiatives to prudently develop and grow our treasury, utilizing Bitcoin as a long-term strategic reserve asset."
Concurrently, Bitcoin's price declined by 3.5% over 24 hours, falling to around $103,000. This drop is linked to diminished hopes for interest rate cuts due to hawkish Federal Reserve statements, the prolonged US federal government shutdown, and large-scale liquidations of long positions in the market.
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