While Sequans’ sale came as Bitcoin fell, the company announced that it was selling to pay off debt.
At this point, Sequans stated in his statement that he paid 50% of his debt by selling 970 Bitcoins.
The debt of the chip company, listed on the New York Stock Exchange, fell from $189 million to $94.5 million with the payment made after this sale.
Sequans, a pioneer in adopting Bitcoin as the primary treasury reserve asset and a leading provider of cellular IoT semiconductor solutions, sold 970 Bitcoin.
As a result of this transaction, Sequans reduced its total debt from $189 million to $94.5 million. The company’s Bitcoin holdings also decreased from 3,234 BTC to 2,264 BTC.
Sequans CEO Georges Karam stated in a statement that their belief in Bitcoin remains unchanged, saying, “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.”
Bitcoin’s decline, which began last night, continues, with the price dropping 3.5% in the last 24 hours to $103,000. This decline is attributed to diminished hopes for interest rate cuts following hawkish statements from Fed officials, the prolonged US federal government shutdown, and the large-scale liquidation of long positions.
*This is not investment advice.
Continue Reading: A Giant Company Launches a “Tactical Sell!” As Bitcoin (BTC) Falls! Here’s the Reason for the Sell!
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