BlockBeats News, November 4th, according to Investing.com, U.S.-listed semiconductor company Sequans Communications (NYSE: SQNS) redeemed 50% of its convertible bonds by selling 970 bitcoins. The transaction reduced the company’s total debt from $189 million to $95 million.
Sequans currently holds 2,264 bitcoins, down from the previous 3,234. At the current market price, the company’s bitcoin net asset value 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 strong belief in bitcoin remain unchanged. This transaction is a tactical decision based on current market conditions to unlock shareholder value.”
The debt reduction is expected to enhance the company’s previously announced ADS buyback plan. Sequans focuses on wireless 4G/5G cellular technology in the IoT field and earlier this year announced adopting bitcoin as a primary asset allocation asset.
