Sequans shares drop 16% after selling 970 Bitcoin to cut debt

Shares in Sequans dropped by more than 16% after the semiconductor company sold 970 Bitcoin, representing 30% of its holdings, to redeem half of its $189 million outstanding convertible debt. CEO Georges Karam described the sale as a "tactical decision" aimed at unlocking shareholder value and strengthening the financial foundation by removing debt covenant constraints, while maintaining that the company's long-term conviction in Bitcoin remains unchanged. The sale reduced Sequans' Bitcoin stash from 3,234 BTC to 2,264 BTC, moving away from its goal of accumulating 100,000 BTC over five years. Investors reacted negatively, causing the stock to fall significantly, bringing it far below its 2025 high reached shortly after the company announced its Bitcoin strategy.

(Source：Cointelegraph)