Overview
- Sequans redeemed 50% of its July 2025 convertible notes by selling 970 BTC, reducing total debt from $189 million to $94.5 million.
- The company now holds 2,264 BTC valued at roughly $240 million, lowering its debt-to-NAV ratio to 39% from 55%.
- Management said the sale was a tactical decision to unlock shareholder value, free capital and ease debt covenant constraints.
- The reduced leverage enables options such as an ADR buyback program, potential preferred share issuance and yield generation on portions of its BTC.
- Shares fell about 16% after the announcement, which followed on-chain alerts of a Coinbase-bound transfer during a broader Bitcoin price pullback and ETF outflows.