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Swan-Sponsored Sequans Becomes First Bitcoin DAT to Dump Crypto
The company reduced its debt-to-NAV ratio from 55% to 39%.
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Sequans (NYSE: SQNS)– an IoT semiconductor designed turned Bitcoin digital asset treasury (DAT) – announced this morning that it had redeemed 50% of outstanding convertible debt, selling BTC to repay lenders in the process.
What's the Scoop?
- Debt Down: Sequans sold 970 BTC to pay off roughly $94.5M in convertible debt, the first reserve sale from any BTC DAT. Termed a "Strategic Asset Reallocation" by management, the sale knocked Sequans from No. 29 to No. 33 among public firms holding Bitcoin.
- Market Timing: The sale comes as BTC plunges below its critical $100k threshold for the first time since June. SQNS stock is down over 90% since it peaked in mid-July, and shares closed down nearly 17% on the day.
- Positive Framing: In a press release about the sale, Sequans CEO Georges Karam positioned the sale as “a tactical decision” to strengthen the balance sheet while keeping “long-term treasury optionality.”
Sequans Redeems 50% of Convertible Debt Through Strategic Asset Reallocation.
— Sequans (@Sequans) November 4, 2025
This move opportunistically leverages Bitcoin holdings to enhance financial flexibility, reduce Debt-to-NAV ratio, and boost buyback capacity while preserving long-term treasury optionality. $SQNS
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