{"id":28476,"date":"2025-11-30T18:00:58","date_gmt":"2025-11-30T18:00:58","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=28476"},"modified":"2025-11-30T16:25:38","modified_gmt":"2025-11-30T16:25:38","slug":"strategy-vente-bitcoin-dernier-recours","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/strategy-vente-bitcoin-dernier-recours\/","title":{"rendered":"Pourquoi Strategy pourrait \u00eatre forc\u00e9 de vendre du BTC en cas de crise"},"content":{"rendered":"<p>Officiellement, rien ne change dans le narratif: <strong>Strategy<\/strong> reste une entreprise \u00ab\u00a0all in\u00a0\u00bb sur Bitcoin. Officieusement, son CEO Phong Le admet qu&rsquo;il existe un sc\u00e9nario o\u00f9 la soci\u00e9t\u00e9 serait contrainte de vendre une partie de son BTC. La cl\u00e9, ce n&rsquo;est pas le <strong>prix de Bitcoin<\/strong> en lui-m\u00eame, mais le fameux multiple par rapport \u00e0 la valeur nette d&rsquo;actif, le mNAV.<\/p>\n<h2>Quand la m\u00e9canique mNAV se retourne contre la strat\u00e9gie Bitcoin<\/h2>\n<p>Tant que l&rsquo;action Strategy se paie en Bourse au-dessus de la valeur de son stock de BTC par action, le mod\u00e8le fonctionne: la soci\u00e9t\u00e9 \u00e9met des actions, l\u00e8ve du capital \u00e0 ce prix \u00ab\u00a0premium\u00a0\u00bb, rach\u00e8te encore plus de Bitcoin et augmente le nombre de sats par action. Le probl\u00e8me commence si ce <strong>multiple<\/strong> tombe sous 1 et s&rsquo;y installe.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8JUST IN: Strategy says they will sell their <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#Bitcoin<\/a> if its stock falls below mNAV and fresh capital dries up. <a href=\"https:\/\/t.co\/9UCt2Pv2r5\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/9UCt2Pv2r5<\/a><\/p>\n<p>&mdash; Coin Bureau (@coinbureau) <a href=\"https:\/\/twitter.com\/coinbureau\/status\/1995095463670829264?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">November 30, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Dans l&rsquo;interview accord\u00e9e \u00e0 <a href=\"https:\/\/www.whatbitcoindid.com\/\" target=\"_blank\" rel=\"noopener nofollow\">What Bitcoin Did<\/a>, Phong Le le formule sans d\u00e9tour: si l&rsquo;action se met \u00e0 coter sous la valeur de son Bitcoin et que les conditions de march\u00e9 ferment les robinets de financement, la <strong>vente de BTC<\/strong> devient \u00ab\u00a0math\u00e9matiquement\u00a0\u00bb d\u00e9fendable. Pas parce que l&rsquo;\u00e9quipe renie sa th\u00e8se, mais parce que la priorit\u00e9 devient la protection du \u00ab\u00a0Bitcoin yield per share\u00a0\u00bb, le rendement implicite en BTC par action pour les actionnaires existants.<\/p>\n<h2>La vente de Bitcoin comme dernier \u00e9tage de secours<\/h2>\n<p>Le discours reste toutefois calibr\u00e9: Le insiste sur le fait qu&rsquo;il ne souhaite pas \u00eatre \u00ab\u00a0<strong>l&rsquo;entreprise qui vend du Bitcoin<\/strong>\u00ab\u00a0. Il parle d&rsquo;option ultime, de dernier recours, pas de pivot strat\u00e9gique. Dans son sch\u00e9ma, tant que le march\u00e9 permet d&rsquo;\u00e9mettre du capital \u00e0 une valorisation sup\u00e9rieure au mNAV, il est plus rationnel de continuer \u00e0 diluer un peu les actionnaires pour acheter plus de BTC plut\u00f4t que d&rsquo;y toucher.<\/p>\n<p>C&rsquo;est seulement lorsque cette \u00e9quation se renverse et que toute nouvelle <strong>\u00e9mission<\/strong> deviendrait massivement dilutive que l&rsquo;id\u00e9e de vendre une petite partie du tr\u00e9sor en Bitcoin redevient acceptable pour les actionnaires. Dit autrement, ce n&rsquo;est pas une question d&rsquo;id\u00e9ologie mais de m\u00e9canique financi\u00e8re.<\/p>\n<p>Une soci\u00e9t\u00e9 cot\u00e9e ne peut pas ignorer \u00e9ternellement ses <strong>contraintes de cash<\/strong>, m\u00eame si son actif principal est l&rsquo;actif qu&rsquo;elle juge le plus solide au monde.<\/p>\n<h2>Un mur de dividendes \u00e0 plusieurs centaines de millions<\/h2>\n<p>Ce dilemme potentiel devient plus concret quand on regarde les engagements fixes que Strategy a empil\u00e9s ces derniers mois. Phong Le chiffre lui-m\u00eame la facture annuelle des <strong>dividendes<\/strong> li\u00e9s aux diff\u00e9rentes s\u00e9ries d&rsquo;actions pr\u00e9f\u00e9rentielles \u00e0 environ 750 \u00e0 800 millions de dollars lorsque tous les instruments auront pleinement m\u00fbri. Pour l&rsquo;instant, son plan est clair: servir ces coupons en priorit\u00e9 gr\u00e2ce \u00e0 de nouvelles lev\u00e9es de fonds tant que l&rsquo;action se traite avec une prime sur le mNAV.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8 If you thought Strategy would never sell Bitcoin\u2026 here\u2019s the actual truth.<\/p>\n<p>They do have a sell condition but it\u2019s purely financial math, not fear.<\/p>\n<p>They\u2019d consider selling only if:<br \/>1\ufe0f\u20e3 <a href=\"https:\/\/twitter.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$MSTR<\/a> trades below NAV<br \/>2\ufe0f\u20e3 They have zero access to new capital<\/p>\n<p>Only then does selling <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$BTC<\/a>\u2026 <a href=\"https:\/\/t.co\/jrSMNtYhCS\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/jrSMNtYhCS<\/a><\/p>\n<p>&mdash; Wise Advice (@wiseadvicesumit) <a href=\"https:\/\/twitter.com\/wiseadvicesumit\/status\/1995122532320784878?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">November 30, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u00c0 chaque trimestre o\u00f9 les dividendes sont pay\u00e9s sans incident, il esp\u00e8re que le march\u00e9 finira par int\u00e9grer que la <strong>structure tient<\/strong> m\u00eame en environnement baissier et que ces produits pr\u00e9f\u00e9rentiels se re-priceront \u00e0 la hausse, ce qui facilitera les financements futurs. Mais si le march\u00e9 actions se retourne violemment, que le titre tombe sous son actif net et que le co\u00fbt du capital explose, les math\u00e9matiques prennent le dessus.<\/p>\n<h2>Un pari mondial sur Bitcoin, sous contraintes tr\u00e8s humaines<\/h2>\n<p>En toile de fond, Phong Le r\u00e9p\u00e8te la th\u00e8se que Michael Saylor mart\u00e8le depuis des ann\u00e9es: un actif non souverain, \u00e0 l&rsquo;offre limit\u00e9e, que l&rsquo;on retrouve dans les portefeuilles de particuliers et d&rsquo;institutions en Australie, aux \u00c9tats-Unis, en Turquie, en Argentine ou en Cor\u00e9e du Sud. Pour eux, <strong>Bitcoin<\/strong> reste l&rsquo;actif mon\u00e9taire global le plus cr\u00e9dible \u00e0 long terme.<\/p>\n<p>La nuance, c&rsquo;est que cette conviction doit cohabiter avec les r\u00e9alit\u00e9s d&rsquo;une <strong>soci\u00e9t\u00e9 cot\u00e9e<\/strong> tr\u00e8s endett\u00e9e et engag\u00e9e sur de lourdes distributions. Tant que le march\u00e9 r\u00e9compense la strat\u00e9gie avec une prime sur la valeur d&rsquo;actif, Strategy peut jouer son r\u00f4le de v\u00e9hicule \u00e0 effet de levier sur Bitcoin.<\/p>\n<p>C&rsquo;est pr\u00e9cis\u00e9ment l\u00e0 que se trouve la tension: une entreprise qui se r\u00eave en cheval de Troie maximaliste, mais qui reste soumise aux <strong>r\u00e9flexes tr\u00e8s classiques<\/strong> des march\u00e9s actions quand le cycle se durcit.<\/p>\n<hr>\n<p><strong>Sur le m\u00eame sujet :<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/actu\/saylor-vendu-btc-wallet-inquietent\/\">Saylor a-t-il vendu ses BTC ? Des mouvements de wallets inqui\u00e8tent<\/a><\/li>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/actu\/msci-vise-strategy-le-pari-bitcoin-saylor-sous-tension\/\">MSCI vise Strategy : le pari Bitcoin de Saylor sous tension<\/a><\/li>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/actu\/quand-les-tresoreries-bitcoin-se-tournent-vers-des-tokens-risques\/\">Quand les tr\u00e9soreries Bitcoin se tournent vers des tokens risqu\u00e9s<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Officiellement, rien ne change dans le narratif: Strategy reste une entreprise \u00ab\u00a0all in\u00a0\u00bb sur Bitcoin. Officieusement, son CEO Phong Le admet qu&rsquo;il existe un sc\u00e9nario o\u00f9 la soci\u00e9t\u00e9 serait contrainte de vendre une partie de son BTC. La cl\u00e9, ce n&rsquo;est pas le prix de Bitcoin en lui-m\u00eame, mais le fameux multiple par rapport \u00e0..<\/p>\n","protected":false},"author":135978,"featured_media":28478,"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-28476","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 v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pourquoi Strategy pourrait \u00eatre forc\u00e9 de vendre du BTC en cas de crise<\/title>\n<meta name=\"description\" content=\"Le CEO de Strategy explique que Bitcoin ne serait vendu qu\u2019en dernier recours si le mNAV tombe sous 1 et que l\u2019acc\u00e8s au capital se ferme.\" \/>\n<meta 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