French company abandons crypto treasury strategy, will liquidate Bitcoin holdings
In the year since Sequans Communications announced that it would adopt a digital asset treasury strategy, the price of Bitcoin fell by more than 30%.
The France-based semiconductor company that announced a move into crypto is “no longer pursuing” a treasury strategy after less than a year.
In a Thursday notice, Sequans Communications said it held 658 Bitcoin (BTC) worth about $48 million at the time of publication, which it said was “fully unencumbered” and unrestricted as it looks to refocus solely on Internet of Things (IoT) semiconductor growth.
The company’s NYSE-traded shares, which have shed more than 75% since last June, were up more than 14.5% in morning trading following the announcement.
