The US-listed semiconductor company Sequans has confirmed the sale of 970 Bitcoins to reduce debt.

ChainCatcher news, according to Investing.com, the US-listed semiconductor company Sequans Communications (NYSE: SQNS) redeemed 50% of its Convertible Bonds by selling 970 Bitcoins. This transaction reduced the company’s total debt from $189 million to $94.5 million. Sequans currently holds 2,264 Bitcoins, down from 3,234 previously. At current market prices, the company's net asset value in Bitcoins is approximately $240 million, and the debt-to-net asset value ratio has decreased from 55% to 39%. CEO Georges Karam stated: “Our asset allocation strategy for Bitcoins and our firm belief in Bitcoin remain unchanged, and this transaction is a tactical decision based on current market conditions, aimed at unlocking shareholder value.” The debt reduction is expected to enhance the ADS buyback program previously announced by the company. Sequans focuses on wireless 4G/5G cellular technology in the internet of things sector and announced earlier this year that it adopted Bitcoin as a primary asset allocation asset.