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

Odaily News: According to the Q2 financial report of Sequans Communications, a French listed IoT chip company, the company sold 344 Bitcoin in the second quarter, reducing its holdings from approximately 658 BTC to 314 BTC. It will continue to gradually sell the remaining Bitcoin as previously planned and exit its Bitcoin treasury strategy. The company stated that the sale of Bitcoin was mainly used to repay convertible bonds and increase cash reserves, and it had fully redeemed all convertible bonds by May. Financial data shows that Q2 revenue was $7.5 million, with a net loss of $9.8 million, while recording a $3 million Bitcoin impairment loss and a $5.3 million net gain from Bitcoin sales.