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

According to Odaily, French listed IoT chip company Sequans Communications disclosed in its Q2 financial report that it 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 full redemption of convertible bonds completed in May. Financial data shows Q2 revenue of $7.5 million, a net loss of $9.8 million, alongside a $3 million Bitcoin impairment loss and a $5.3 million net gain from Bitcoin sales.