TechFlame reports, according to Investing.com, that Sequans Communications (NYSE: SQNS), a U.S.-listed semiconductor company, has 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 the previous 3,234. At current market prices, the company's bitcoin net asset value is approximately $240 million, and the debt-to-net asset value ratio has decreased from 55% to 39%. CEO Georges Karam stated, "Our bitcoin asset allocation strategy and strong conviction in bitcoin remain unchanged. This transaction is a tactical decision based on current market conditions, aimed at unlocking shareholder value." The debt reduction is expected to enhance the company's previously announced ADS buyback program. Sequans specializes in wireless 4G/5G cellular technologies for the Internet of Things and announced earlier this year that it would adopt bitcoin as a primary asset allocation.