Overview
- The company redeemed half of its July 2025 convertible debt by selling 970 BTC, cutting total liabilities to $94.5 million from $189 million.
- Bitcoin reserves stand at 2,264 BTC, with reported net asset value near $240 million and a debt-to-NAV ratio reduced to 39% from 55%.
- CEO Georges Karam described the transaction as a tactical step to unlock shareholder value while maintaining conviction in Bitcoin accumulation.
- Sequans' market capitalization is about $95 million, which is reported to be below the value of its BTC holdings net of debt.
- With lower leverage and fewer covenants, the company signaled potential ADR buybacks, possible preferred share issuance, and yield strategies using its bitcoin.