France-based Sequans continues to unwind BTC position to recommit to IoT

Sequans Communications (NYSE: SQNS) trimmed down its Bitcoin treasury to 314 coins during the second quarter and wiped out its convertible debt, the French chipmaker said Tuesday, August 4, as CEO Georges Karam steers the company back toward its IoT semiconductor business.

According to the Paris-based company’s preliminary second-quarter results, it held 1,514 BTC worth $103.2 million as of the end of March.

How many Bitcoins did Sequans Communications sell in three months?

The company reportedly held 314 BTC, which was valued at $18.4 million as of June 30. Sequans Communications had spent months boxed in by collateral rules.

Back in March, it had 1,217 BTC worth $82.9 million locked up, pledged as security against its convertible notes. 

But it has now sold 1,200 coins over the quarter, changing that math. The company booked a realized net gain of $5.3 million on the second-quarter sales, a turnaround from the $11.7 million realized loss it took in the first quarter when it was dumping coins into a falling market.

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