How dumping 1,200 Bitcoin helped a cellular chipmaker completely erase its debt and double its cash
Sequans Communications cut its Bitcoin holdings by 79.3% in Q2, dropping from 1,514 BTC on March 31 to 314 BTC on June 30. The company used Bitcoin-sale proceeds to redeem its remaining $94.5 million in convertible debt and raise cash. By quarter-end, cash and cash equivalents rose to $21 million from $10.6 million, while convertible debt fell to zero. The remaining 314 BTC were valued at about $18.4 million and were all unrestricted, with none pledged as collateral. The unwind progressed through the quarter: holdings were 1,114 BTC at April 30 and about 658 BTC by the May 28 debt-redemption announcement. Sequans reported a $5.3 million realized net gain on Bitcoin sales and a $3 million unrealized impairment loss, alongside preliminary revenue of $7.5 million and a net loss of $9.8 million.
