{"id":20056,"date":"2025-09-20T14:20:28","date_gmt":"2025-09-20T14:20:28","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=20056"},"modified":"2025-09-20T14:18:12","modified_gmt":"2025-09-20T14:18:12","slug":"fonds-crypto-tresoreries-triomphes-eclatants-fiascos-reels","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/fonds-crypto-tresoreries-triomphes-eclatants-fiascos-reels\/","title":{"rendered":"Fonds crypto et tr\u00e9soreries, triomphes \u00e9clatants et fiascos r\u00e9els"},"content":{"rendered":"<p>On a souvent r\u00e9sum\u00e9 la crypto \u00e0 une affaire de sp\u00e9culation effr\u00e9n\u00e9e. Pourtant, du c\u00f4t\u00e9 des entreprises, c\u2019est un tout autre jeu qui se joue. HashKey, le gestionnaire bas\u00e9 \u00e0 Hong Kong,<strong> a lanc\u00e9 un fonds de 500 millions de dollars<\/strong> destin\u00e9 aux tr\u00e9soreries corporatives et mise sur une id\u00e9e simple.<\/p>\n<p>Seule une strat\u00e9gie long terme, encadr\u00e9e et disciplin\u00e9e, permettra de traverser tous les march\u00e9s. Et derri\u00e8re cette promesse, <strong>les exemples r\u00e9cents ne manquent pas,<\/strong> entre triomphes spectaculaires et \u00e9checs cuisants.<\/p>\n<h2>Quand la tr\u00e9sorerie crypto devient un atout strat\u00e9gique<\/h2>\n<p>Un chiffre suffit pour comprendre l\u2019ampleur du ph\u00e9nom\u00e8ne. <strong>Plus d\u2019un million de bitcoins<\/strong> sont d\u00e9sormais d\u00e9tenus dans des bilans corporatifs ou institutionnels. Rien qu\u2019au deuxi\u00e8me trimestre 2025, les tr\u00e9soreries d\u2019entreprises ont acquis environ 131 000 BTC, soit une progression trimestrielle de pr\u00e8s de 18 %. C\u2019est colossal, et cela d\u00e9passe m\u00eame les flux capt\u00e9s par les ETF dans le m\u00eame laps de temps.<\/p>\n<p>HashKey a flair\u00e9 la tendance. Son <a class=\"general-link\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/hong-kongs-hashkey-launch-500-million-digital-treasury-fund-2025-09-08\/\" target=\"_blank\" rel=\"noopener nofollow\"><em>Digital Asset Treasury Fund<\/em><\/a>, structur\u00e9 comme un v\u00e9hicule ouvert et p\u00e9renne, veut <strong>offrir aux soci\u00e9t\u00e9s une fa\u00e7on flexible de transformer leurs cryptos en r\u00e9serves<\/strong> stables. Pas seulement du Bitcoin, mais aussi de l\u2019Ether, des stablecoins r\u00e9glement\u00e9s, du <a href=\"https:\/\/99bitcoins.com\/fr\/crypto-monnaie\/staking-crypto\/\"><em>staking<\/em><\/a>, et m\u00eame des infrastructures blockchain. L\u2019id\u00e9e est claire. Construire une caisse de r\u00e9serve diversifi\u00e9e, capable de tenir sur le long terme.<\/p>\n<p>Les r\u00e9ussites donnent du cr\u00e9dit \u00e0 cette approche. Strategy, pionnier du mod\u00e8le, a vu son action dop\u00e9e par son pari massif sur Bitcoin depuis 2020. Plus r\u00e9cemment,<strong> GameStop a acquis pour pr\u00e8s de 500 millions de dollars de BTC<\/strong>, r\u00e9inventant son image de d\u00e9taillant en crise en acteur qui joue la carte du futur num\u00e9rique.<\/p>\n<p>Et du c\u00f4t\u00e9 asiatique, BitFuFu a choisi une voie hybride. <strong>Miner ses propres bitcoins et les conserver comme tr\u00e9sorerie.<\/strong> R\u00e9sultat, elle d\u00e9tient d\u00e9sormais plus de 1 800 BTC.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin: One Giant Leap for Mankind <a href=\"https:\/\/t.co\/BkC0YcO87t\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/BkC0YcO87t<\/a><\/p>\n<p>&mdash; Michael Saylor (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1969010051701461183?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">September 19, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Discipline et gouvernance, plus fortes que le narratif<\/h2>\n<p>Mais derri\u00e8re les chiffres, un constat s\u2019impose. Ce qui s\u00e9pare les gagnants des perdants n\u2019est <strong>pas tant l\u2019actif choisi que la rigueur appliqu\u00e9e.<\/strong> Deng Chao, CEO de HashKey, mart\u00e8le que la cl\u00e9 r\u00e9side dans la gouvernance. C\u2019est le maillon qui a manqu\u00e9 \u00e0 des acteurs comme Celsius ou FTX, balay\u00e9s parce qu\u2019ils avaient n\u00e9glig\u00e9 les bases du <em>risk management.<\/em><\/p>\n<p>Avec une politique claire, des limites d\u2019exposition, des sc\u00e9narios de stress et une diversification r\u00e9elle, la crypto peut devenir un outil de tr\u00e9sorerie comme un autre. Les \u00e9checs r\u00e9cents le rappellent avec force. Windtree Therapeutics, par exemple, <strong>a vu sa strat\u00e9gie <\/strong><a href=\"https:\/\/99bitcoins.com\/fr\/crypto-monnaie\/apprendre-le-trading-crypto\/\">crypto<\/a><strong> se retourner contre elle.<\/strong> Son action a plong\u00e9 de plus de 90 %, jusqu\u2019\u00e0 perdre sa cotation Nasdaq. Illustration parfaite de ce qui arrive quand l\u2019audace n\u2019est pas soutenue par une gestion solide.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcf0 BNB Treasury Strategy Backfires: WindTree Delisted<\/p>\n<p>WindTree Therapeutics tried to go \u201ccrypto-forward\u201d by adopting BNB as part of its treasury. They even secured a $60M deal with potential $140M follow-on. CZ hyped it as a \u201cBNB MicroStrategy move.\u201d<\/p>\n<p>But here\u2019s how it played\u2026 <a href=\"https:\/\/t.co\/o2fJMNTtPN\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/o2fJMNTtPN<\/a><\/p>\n<p>&mdash; THEDEFILINK (@TheDeFiLink) <a href=\"https:\/\/twitter.com\/TheDeFiLink\/status\/1958885078798401742?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">August 22, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Les zones d\u2019ombre entre r\u00e9gulation, volatilit\u00e9 et confiance<\/h2>\n<p>Sauf que rien n\u2019est gagn\u00e9. La r\u00e9gulation se durcit partout. Aux \u00c9tats-Unis, en Europe, \u00e0 Hong Kong, les obligations de transparence et de <em>reporting<\/em> se multiplient. Pour les soci\u00e9t\u00e9s, <strong>cela signifie plus de contraintes,<\/strong> m\u00eame si cela renforce la l\u00e9gitimit\u00e9 de leurs d\u00e9marches.<\/p>\n<p>La volatilit\u00e9 reste une menace permanente. On peut diversifier, r\u00e9partir entre BTC, ETH, stablecoins, infrastructures\u2026 Mais<strong> si Bitcoin corrige de 50 %, toute la structure vacille.<\/strong> M\u00eame des g\u00e9ants comme Strategy savent qu\u2019ils doivent supporter des creux violents avant de voir leurs paris valid\u00e9s.<\/p>\n<p>Enfin, la liquidit\u00e9 est un test qui n\u2019a pas encore \u00e9t\u00e9 pass\u00e9. Que se passerait-il si, demain, plusieurs dizaines d\u2019entreprises d\u00e9cidaient de vendre en masse leurs r\u00e9serves crypto. HashKey promet de fournir cette flexibilit\u00e9 avec son fonds ouvert. <strong>Mais entre promesse et r\u00e9alit\u00e9, l\u2019\u00e9cart reste b\u00e9ant.<\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-17095 size-full\" title=\"Les zones d\u2019ombre entre r\u00e9gulation, volatilit\u00e9 et confiance\" src=\"https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/08\/btcreg1299.jpg\" alt=\"\" width=\"1200\" height=\"800\" srcset=\"https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/08\/btcreg1299.jpg 1200w, https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/08\/btcreg1299-300x200.jpg 300w, https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/08\/btcreg1299-1024x683.jpg 1024w, https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/08\/btcreg1299-768x512.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2>Survivre \u00e0 tout, ou simplement durer plus longtemps<\/h2>\n<p>La formule de HashKey s\u00e9duit. Survivre \u00e0 tous les march\u00e9s. Mais soyons clairs, <strong>personne ne peut l\u2019affirmer avec certitude.<\/strong> Ce qui est vrai, en revanche, c\u2019est que les tr\u00e9soreries crypto deviennent un outil central de strat\u00e9gie financi\u00e8re. Les r\u00e9ussites de Strategy, GameStop ou Solmate montrent la puissance du mod\u00e8le quand il est bien ex\u00e9cut\u00e9. Les \u00e9checs comme Windtree rappellent que la route est pav\u00e9e de pi\u00e8ges.<\/p>\n<p>Au fond, on assiste \u00e0 un tournant. Les cryptos sortent du registre du pari exotique pour entrer dans celui de la gestion institutionnelle. <strong>HashKey veut incarner ce passage.<\/strong> Mais est-ce que toutes ces entreprises survivront vraiment aux prochains cycles. Rien n\u2019est moins s\u00fbr. Et apr\u00e8s. On verra bien. Mais ce d\u00e9bat, lui, ne fait que commencer.<\/p>\n<hr>\n<p><strong>Sur le m\u00eame sujet :<\/strong><\/p>\n<ul>\n<li>XRP progresse, Tha\u00eflande en t\u00eate et RWAs se confirment<\/li>\n<li>Bitcoin sur le point d\u2019exploser, cap sur 150 000 $<\/li>\n<li>Stablecoins vs banques : Coinbase r\u00e9tablit la v\u00e9rit\u00e9<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On a souvent r\u00e9sum\u00e9 la crypto \u00e0 une affaire de sp\u00e9culation effr\u00e9n\u00e9e. Pourtant, du c\u00f4t\u00e9 des entreprises, c\u2019est un tout autre jeu qui se joue. HashKey, le gestionnaire bas\u00e9 \u00e0 Hong Kong, a lanc\u00e9 un fonds de 500 millions de dollars destin\u00e9 aux tr\u00e9soreries corporatives et mise sur une id\u00e9e simple. Seule une strat\u00e9gie long..<\/p>\n","protected":false},"author":136117,"featured_media":20057,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8,6],"tags":[13],"coin":[15],"class_list":["post-20056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-actu","tag-bitcoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fonds crypto et tr\u00e9soreries, triomphes \u00e9clatants et fiascos r\u00e9els<\/title>\n<meta name=\"description\" content=\"Fonds crypto et tr\u00e9soreries d\u2019entreprises entre triomphes \u00e9clatants et fiascos r\u00e9els, la discipline devient cl\u00e9 face aux march\u00e9s.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Durant\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4612e4c10d00d2e68478864de7346bf5c83a2d5a754c96ef605a8574a2432cef?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4612e4c10d00d2e68478864de7346bf5c83a2d5a754c96ef605a8574a2432cef?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4612e4c10d00d2e68478864de7346bf5c83a2d5a754c96ef605a8574a2432cef?s=96&d=mm&r=g\",\"caption\":\"Esteban Durant\"},\"description\":\"Trader en crypto-actifs depuis plusieurs ann\u00e9es et passionn\u00e9 par l\u2019univers d\u00e9centralis\u00e9, je combine analyse technique, compr\u00e9hension des fondamentaux et suivi macro\u00e9conomique pour naviguer efficacement sur les march\u00e9s volatils. J\u2019ai d\u00e9couvert le Bitcoin en 2016, mais c\u2019est en 2018, en pleine phase baissi\u00e8re, que j\u2019ai r\u00e9ellement plong\u00e9 dans l\u2019analyse des cycles, des projets et des opportunit\u00e9s que propose l\u2019\u00e9cosyst\u00e8me crypto. Aujourd\u2019hui, je consacre mon temps \u00e0 l\u2019\u00e9tude des tendances du march\u00e9, \u00e0 la recherche de projets innovants, et au partage de strat\u00e9gies accessibles aussi bien aux d\u00e9butants qu\u2019aux investisseurs aguerris. En parall\u00e8le, je suis \u00e9galement r\u00e9dacteur sp\u00e9cialis\u00e9 en crypto et finance d\u00e9centralis\u00e9e. Mon objectif : rendre l\u2019information claire, p\u00e9dagogique et fiable, dans un univers o\u00f9 la d\u00e9sinformation peut co\u00fbter cher. J\u2019interviens sur ce site pour proposer des analyses, d\u00e9crypter l\u2019actualit\u00e9, vulgariser des concepts complexes, et offrir des perspectives concr\u00e8tes sur les mouvements du march\u00e9. Que ce soit pour du swing trading, du scalping ou de l\u2019investissement long terme, je m\u2019efforce d\u2019apporter une vision structur\u00e9e et pragmatique. La crypto est plus qu\u2019un march\u00e9 : c\u2019est une r\u00e9volution en marche. 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J\u2019ai d\u00e9couvert le Bitcoin en 2016, mais c\u2019est en 2018, en pleine phase baissi\u00e8re, que j\u2019ai r\u00e9ellement plong\u00e9 dans l\u2019analyse des cycles, des projets et des opportunit\u00e9s que propose l\u2019\u00e9cosyst\u00e8me crypto. Aujourd\u2019hui, je consacre mon temps \u00e0 l\u2019\u00e9tude des tendances du march\u00e9, \u00e0 la recherche de projets innovants, et au partage de strat\u00e9gies accessibles aussi bien aux d\u00e9butants qu\u2019aux investisseurs aguerris. En parall\u00e8le, je suis \u00e9galement r\u00e9dacteur sp\u00e9cialis\u00e9 en crypto et finance d\u00e9centralis\u00e9e. Mon objectif : rendre l\u2019information claire, p\u00e9dagogique et fiable, dans un univers o\u00f9 la d\u00e9sinformation peut co\u00fbter cher. J\u2019interviens sur ce site pour proposer des analyses, d\u00e9crypter l\u2019actualit\u00e9, vulgariser des concepts complexes, et offrir des perspectives concr\u00e8tes sur les mouvements du march\u00e9. Que ce soit pour du swing trading, du scalping ou de l\u2019investissement long terme, je m\u2019efforce d\u2019apporter une vision structur\u00e9e et pragmatique. La crypto est plus qu\u2019un march\u00e9 : c\u2019est une r\u00e9volution en marche. Et je suis l\u00e0 pour vous aider \u00e0 y voir clair.","url":"https:\/\/99bitcoins.com\/fr\/author\/estebandurant\/"}]}},"_links":{"self":[{"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/posts\/20056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/users\/136117"}],"replies":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/comments?post=20056"}],"version-history":[{"count":2,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/posts\/20056\/revisions"}],"predecessor-version":[{"id":31836,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/posts\/20056\/revisions\/31836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/media\/20057"}],"wp:attachment":[{"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/media?parent=20056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/categories?post=20056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/tags?post=20056"},{"taxonomy":"coin","embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/coin?post=20056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}