Sequans Communications sells 344 BTC in Q2, gradually exiting its Bitcoin treasury strategy

Odaily Planet Daily News According to the Q2 financial report of French listed IoT chip company Sequans Communications, the company sold 344 Bitcoin in the second quarter, reducing its holdings from approximately 658 BTC to 314 BTC. The company will continue to gradually sell its remaining Bitcoin as previously planned, exiting its Bitcoin treasury strategy. The company stated that the Bitcoin sales were primarily used to repay convertible bonds and increase cash reserves, with all convertible bond redemptions completed in May. Financial data shows that Q2 revenue was $7.5 million, with a net loss of $9.8 million, alongside a $3 million Bitcoin impairment loss and a $5.3 million net gain from Bitcoin sales.