Sequans Sells All 314 Bitcoin, Ends Bitcoin Treasury Strategy

French semiconductor company Sequans Communications has sold all of its Bitcoin holdings, formally ending its Bitcoin treasury strategy.

Sequans said on Sept. 24 that it sold all 314 Bitcoin it held as of the end of June. As a result, the company’s digital-asset holdings on its balance sheet fell to zero.

The company said the sale marked the final step in a financial restructuring effort it had pursued since it began repaying convertible debt in May. It added that it now has no outstanding debt other than liabilities related to government-backed research and development projects.

Sequans said it plans to use the financial flexibility gained from ending the Bitcoin treasury strategy to focus on growth in its core semiconductor business.

“The end of the Bitcoin treasury strategy is an important milestone in executing our strategy to strengthen the company’s financial foundation,” Chief Executive Officer Georges Karam said. “By selling the remaining Bitcoin and eliminating the convertible debt, we can now focus fully on our long-term semiconductor growth strategy.”