Sequans Sells 970 Bitcoin to Slash Debt, Bitcoin Price Slumps to $101,000
Bitcoin Magazine
Sequans sold 970 Bitcoin to reduce debt by half, while the Bitcoin price dropped below $101,000 amid ETF outflows.Summary
Sequans Communications S.A. sold 970 Bitcoin from its treasury to redeem 50% of its July convertible debt, reducing its total debt from $189 million to $94.5 million. This move lowered the company's debt-to-net-asset-value ratio from 55% to 39% and increased strategic flexibility, though the company maintains its long-term Bitcoin strategy. Sequans' stock fell 13% following the announcement. Concurrently, the Bitcoin price slumped below $101,000, driven by significant outflows from crypto ETFs, technical pressure below the 200-day moving average, and a strengthening U.S. dollar. Analysts warn that a drop below $100,000 could lead to a sharper decline toward $74,000.
(Source：Bitcoin Magazine)