Sequans Communications, a Paris-based IoT chip company, has completed the redemption of its convertible debt related to its Bitcoin treasury, selling approximately 80% of its BTC holdings to repay debt. The company still holds 658 unrestricted Bitcoins and plans to monetize the remaining holdings over time, though it has not specified whether this will involve further sales or using them as collateral. Sequans initially raised about $385 million through debt-equity financing to establish its Bitcoin treasury, at one point holding around 3,000 BTC. After multiple reductions from November 2023 to the first quarter of this year, the company has decided to discontinue this financial strategy and will focus on developing 4G/5G IoT chips, RF transceivers, and wireless applications for defense and drones.