Blockchain Report on Nostr: French listed telecommunications company Sequans Communications has divested 344 ...

French listed telecommunications company Sequans Communications has divested 344 Bitcoin, with plans to gradually sell its remaining holdings of 314 Bitcoin. According to Wu Blockchain, the IoT chip manufacturer disclosed in its second-quarter earnings report that it sold 344 Bitcoin during the period, reducing its holdings from approximately 658 to 314. The company intends to continue its phased sale of the remaining Bitcoin as per its prior strategy to exit its Bitcoin treasury strategy. Sequans stated that the sales were primarily to repay convertible bonds and bolster its cash reserves, completing the redemption of all convertible bonds in May. The company reported second-quarter revenue of $7.5 million and a net loss of $9.8 million. This included a $3 million impairment loss on Bitcoin and a $5.3 million net gain from the sale of Bitcoin.

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