Sequans Communications said Thursday that it completed the redemption of all remaining debt tied to its bitcoin treasury, as it now refocuses on its core Internet of Things and cellular semiconductor business.
The Paris-based company said the debt redemption was funded by the sale of nearly 80% of its total bitcoin holdings.
Sequans now holds just 658 BTC, which it says is "fully unencumbered." According to a Thursday release, the company said it plans to "monetize" its remaining bitcoins over time, but did not specify if this means selling or using the holdings as collateral or in some other onchain strategy.
"The completion of the debt redemption marks an important turning point for Sequans," CEO Georges Karam said in a statement. "We have strengthened our balance sheet, simplified our capital structure, and are now fully focused on scaling our IoT semiconductor business."
The Block reached out to Sequans for comment.
