{"id":36576,"date":"2026-07-24T12:08:00","date_gmt":"2026-07-24T12:08:00","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=36576"},"modified":"2026-07-23T10:02:49","modified_gmt":"2026-07-23T10:02:49","slug":"faillite-de-satsuma-la-chute-dune-tresorerie-bitcoin-au-lse","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/faillite-de-satsuma-la-chute-dune-tresorerie-bitcoin-au-lse\/","title":{"rendered":"Faillite de Satsuma : la chute d&rsquo;une tr\u00e9sorerie Bitcoin au LSE"},"content":{"rendered":"\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2026\/07\/content-img-1-30.jpg\" alt=\"\" \/><\/figure>\r\n\r\n<p>Dans l&rsquo;actualit\u00e9 Bitcoin du jour, <strong>Satsuma Technology<\/strong>, qui avait lev\u00e9 163,6 millions de livres sterling en ao\u00fbt 2025 pour b\u00e2tir une r\u00e9serve de Bitcoin sur le <strong>London Stock Exchange<\/strong> (LSE), s&rsquo;appr\u00eate d\u00e9sormais \u00e0 restituer entre 26,8 et 30 millions de livres \u00e0 ses actionnaires apr\u00e8s d\u00e9duction des frais de liquidation. Cela repr\u00e9sente environ 18 pence pour chaque livre investie au bas de la fourchette, et l&rsquo;\u00e9cart entre ces chiffres constitue le c\u0153ur du probl\u00e8me.<\/p>\r\n<p>L&rsquo;effondrement de Satsuma n&rsquo;est pas simplement d\u00fb \u00e0 un mauvais timing sur le cours du Bitcoin. C&rsquo;est l&rsquo;illustration de ce qui arrive lorsqu&rsquo;une entreprise utilise une dette \u00e0 obligation fixe pour financer un actif volatil, puis subit la chute de cet actif, le d\u00e9part de ses dirigeants et la priorit\u00e9 des cr\u00e9anciers lors du remboursement.<\/p>\r\n<p>Cette d\u00e9b\u00e2cle d&rsquo;une tr\u00e9sorerie Bitcoin britannique survient alors que le <strong>BTC<\/strong> s&rsquo;\u00e9change \u00e0 65 800 $, en baisse de 0,4 % sur les derni\u00e8res 24 heures apr\u00e8s avoir bri\u00e8vement franchi les 66 000 $. Le volume de transactions quotidien s&rsquo;\u00e9l\u00e8ve \u00e0 33,4 milliards de dollars.<\/p>\r\n<p><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$BTC<\/a> daily Supertrend has flipped green.<br><br>Last one pumped Bitcoin by almost 15% in 4 weeks.<br><br>A similar pump means BTC will hit $76,000 by August. <a href=\"https:\/\/t.co\/4eVmGYLxbv\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/4eVmGYLxbv<\/a><\/p>&mdash; Ted (@TedPillows) <a href=\"https:\/\/x.com\/TedPillows\/status\/2079850959162032528?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">July 22, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\r\n<h2>Bitcoin News : Qu&rsquo;\u00e9tait Satsuma et comment en est-on arriv\u00e9 l\u00e0 ?<\/h2>\r\n<p>Satsuma Technology, anciennement connue sous le nom de <strong>TAO Alpha<\/strong>, est une soci\u00e9t\u00e9 d&rsquo;intelligence artificielle cot\u00e9e au Royaume-Uni qui s&rsquo;est repositionn\u00e9e en recrutant <strong>Mark Moss<\/strong>, c\u00e9l\u00e8bre commentateur Bitcoin, en tant que strat\u00e8ge en chef Bitcoin.<\/p>\r\n<p>En ao\u00fbt 2025, l&rsquo;entreprise a lev\u00e9 163,6 millions de livres sterling (218 millions de dollars) via des obligations convertibles, un tour de table men\u00e9 par <strong>ParaFi Capital<\/strong>. Les investisseurs ont apport\u00e9 1 097 BTC, transformant Satsuma en une soci\u00e9t\u00e9 de gestion de tr\u00e9sorerie d&rsquo;actifs num\u00e9riques (DAT) focalis\u00e9e sur le Bitcoin plut\u00f4t que sur des revenus traditionnels.<\/p>\r\n<p>Le mod\u00e8le DAT a gagn\u00e9 en popularit\u00e9 aupr\u00e8s des petites capitalisations en 2025, s&rsquo;inspirant des strat\u00e9gies d\u00e9mocratis\u00e9es par <strong>Michael Saylor<\/strong>. L&rsquo;action de Satsuma a atteint un sommet de pr\u00e8s de 14 \u00a3 en juin 2025.<\/p>\r\n<p>Cependant, le titre a d\u00e9clin\u00e9 apr\u00e8s le record historique du Bitcoin \u00e0 126 000 $ en octobre, entra\u00eenant un ralentissement prolong\u00e9 du march\u00e9 des actions li\u00e9es aux crypto-actifs.<\/p>\r\n<p><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">JUST IN: Shareholders of Mark Moss-backed British <a href=\"https:\/\/x.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#Bitcoin<\/a> treasury company Satsuma Technology ($SATS) have voted to sell all of its remaining 668 BTC, return capital to shareholders, and shut down the company. <a href=\"https:\/\/t.co\/1kdDkazYMc\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/1kdDkazYMc<\/a><\/p>&mdash; BitcoinTreasuries.NET (@BTCtreasuries) <a href=\"https:\/\/x.com\/BTCtreasuries\/status\/2079605689866211640?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">July 21, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\r\n<h2>Vente de panique, d\u00e9missions et pression des activistes<\/h2>\r\n<p>D\u00e8s d\u00e9cembre 2025, Satsuma a d\u00fb vendre des actifs pour rester solvable. Elle a c\u00e9d\u00e9 579 BTC pour 40 millions de livres afin de couvrir ses obligations de tr\u00e9sorerie envers les d\u00e9tenteurs d&rsquo;obligations ayant refus\u00e9 de convertir leur dette en actions avant la fin de l&rsquo;ann\u00e9e.<\/p>\r\n<p>Cette vente forc\u00e9e, une liquidation du Bitcoin dict\u00e9e par la pression des cr\u00e9anciers plut\u00f4t que par un choix strat\u00e9gique, a laiss\u00e9 la soci\u00e9t\u00e9 avec seulement 668 BTC et une force de frappe consid\u00e9rablement r\u00e9duite.<\/p>\r\n<p>Le directeur financier (CFO) a quitt\u00e9 ses fonctions en f\u00e9vrier 2026, suivi par le PDG en mars. En avril, les actions avaient perdu plus de 99 % de leur valeur par rapport au pic de juin 2025, s&rsquo;\u00e9changeant pour quelques fractions de centime.<\/p>\r\n<p>C&rsquo;est \u00e0 ce moment que <strong>Pantera Capital<\/strong>, d\u00e9tenant environ 6,7 % des actions de Satsuma, a commenc\u00e9 \u00e0 r\u00e9clamer publiquement une liquidation totale.<\/p>\r\n<p>La logique \u00e9tait implacable : la capitalisation boursi\u00e8re totale de Satsuma \u00e9tait tomb\u00e9e bien en dessous de la valeur marchande des Bitcoins inscrits \u00e0 son bilan. D\u00e9tenir l&rsquo;action \u00e9tait devenu moins avantageux que d&rsquo;acheter directement du Bitcoin. Un groupe d&rsquo;actionnaires repr\u00e9sentant plus de 20 % du capital a alors d\u00e9pos\u00e9 une r\u00e9solution pour liquider la soci\u00e9t\u00e9.<\/p>\r\n<p>Le conseil d&rsquo;administration s&rsquo;est divis\u00e9 : quatre directeurs sur six s&rsquo;opposaient \u00e0 la liquidation, affirmant que Satsuma restait un v\u00e9hicule Bitcoin viable. Deux se sont rang\u00e9s du c\u00f4t\u00e9 des actionnaires. Ces derniers ont finalement d\u00e9savou\u00e9 la majorit\u00e9 du conseil \u00e0 une large majorit\u00e9 : plus de 90 % des votes ont soutenu la vente des 668 BTC restants (valant environ 43,5 millions de dollars \u00e0 l&rsquo;\u00e9poque) et l&rsquo;annulation de la cotation au LSE.<\/p>\r\n<h2>Tr\u00e9sorerie Bitcoin : Qui est pay\u00e9, et combien ?<\/h2>\r\n<p>Par ailleurs, la liquidation s&rsquo;effectue via un \u00ab B Share Scheme \u00bb, un m\u00e9canisme juridique britannique permettant de distribuer les liquidit\u00e9s aux actionnaires sans d\u00e9clencher certaines complications fiscales. Les co\u00fbts de fermeture sont estim\u00e9s \u00e0 2,7 millions de livres, couvrant les frais juridiques, les indemnit\u00e9s de d\u00e9part, les frais de radiation et l&rsquo;assurance de responsabilit\u00e9, selon le document officiel.<\/p>\r\n<p>Apr\u00e8s d\u00e9duction de ces frais, Satsuma pr\u00e9voit de restituer entre 26,8M\u00a3 et 30M\u00a3. En ajoutant les 40M\u00a3 r\u00e9cup\u00e9r\u00e9s lors de la vente de BTC en d\u00e9cembre, le capital total r\u00e9cup\u00e9r\u00e9 se situe entre 66M\u00a3 et 70M\u00a3, contre les 163,6M\u00a3 initialement lev\u00e9s. C&rsquo;est moins de la moiti\u00e9 de la mise de d\u00e9part.<\/p>\r\n<p>De plus, comme les d\u00e9tenteurs d&rsquo;obligations convertibles sont prioritaires sur les actionnaires ordinaires dans l&rsquo;ordre des paiements, ces derniers pourraient recevoir bien moins que ce que sugg\u00e8rent les chiffres officiels. Les cr\u00e9anciers passent en premier ; l&rsquo;\u00e9quit\u00e9 r\u00e9cup\u00e8re les restes.<\/p>\r\n<p>Il s&rsquo;agit du m\u00eame risque structurel qui p\u00e8se sur d&rsquo;autres v\u00e9hicules de tr\u00e9sorerie Bitcoin utilisant la dette pour accumuler du BTC : lorsque l&rsquo;actif chute et que les \u00e9ch\u00e9ances de remboursement arrivent, l&rsquo;entreprise est contrainte de vendre au pire moment possible.<\/p>\r\n<h2>Quel avenir pour les tr\u00e9soreries Bitcoin au Royaume-Uni ?<\/h2>\r\n<p>Satsuma \u00e9tait la deuxi\u00e8me plus grande soci\u00e9t\u00e9 de tr\u00e9sorerie Bitcoin cot\u00e9e au Royaume-Uni, d\u00e9tenant nettement moins d&rsquo;actifs que <strong>The Smarter Web Company<\/strong>, qui poss\u00e8de 2 878 BTC et pr\u00e9voit de poursuivre ses activit\u00e9s.<\/p>\r\n<p>Les audiences de la Haute Cour du Royaume-Uni pour le remboursement du capital de Satsuma sont pr\u00e9vues pour ao\u00fbt et septembre 2026. La radiation du LSE est vis\u00e9e pour la mi-septembre, avec des paiements aux actionnaires attendus d&rsquo;ici la fin du m\u00eame mois.<\/p>\r\n<p>La situation est suivie de pr\u00e8s par d&rsquo;autres <strong>Digital Asset Trusts<\/strong> (DAT), car les d\u00e9boires de Satsuma r\u00e9sultent d&rsquo;une incapacit\u00e9 \u00e0 g\u00e9rer une dette convertible face \u00e0 la volatilit\u00e9 du Bitcoin, entra\u00eenant une perte de plus de 57 % du capital en un an.<\/p>\r\n<p>Bien que l&rsquo;int\u00e9r\u00eat institutionnel pour le Bitcoin ait rebondi depuis 2025, les actionnaires de Satsuma se pr\u00e9parent \u00e0 des rendements minimes en septembre.<\/p>","protected":false},"excerpt":{"rendered":"<p>Satsuma Technology liquide sa tr\u00e9sorerie Bitcoin sur le LSE apr\u00e8s une perte de 57 %. Les actionnaires ne r\u00e9cup\u00e8reront qu&rsquo;une fraction de leur investissement.<\/p>\n","protected":false},"author":135978,"featured_media":36573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"coin":[15],"class_list":["post-36576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Faillite de Satsuma : la chute d&#039;une tr\u00e9sorerie Bitcoin au LSE<\/title>\n<meta name=\"description\" content=\"Satsuma Technology liquide sa tr\u00e9sorerie Bitcoin sur le LSE apr\u00e8s une perte de 57 %. 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