{"id":18184,"date":"2025-11-25T18:00:10","date_gmt":"2025-11-25T18:00:10","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=18184"},"modified":"2025-11-25T17:06:21","modified_gmt":"2025-11-25T17:06:21","slug":"metaplanet-130m-dette-bitcoin","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/metaplanet-130m-dette-bitcoin\/","title":{"rendered":"Metaplanet s\u2019endette de 130M$ pour acheter encore plus de Bitcoin"},"content":{"rendered":"<h2>Un nouveau pr\u00eat garanti par le Bitcoin de Metaplanet<\/h2>\n<p>Metaplanet explique avoir ex\u00e9cut\u00e9 vendredi un nouveau tirage de 130 millions de dollars sur une facilit\u00e9 de cr\u00e9dit d\u00e9j\u00e0 annonc\u00e9e. Cette ligne, plafonn\u00e9e \u00e0 500 millions de dollars, lui permet de lever de la liquidit\u00e9 \u00e0 court terme en nantissant son Bitcoin comme collat\u00e9ral.<\/p>\n<p>Avec cette op\u00e9ration, le montant total d\u00e9j\u00e0 tir\u00e9 passe \u00e0 230 millions de dollars, contre 100 millions au 31 octobre. Autrement dit, la soci\u00e9t\u00e9 a plus que doubl\u00e9 son endettement garanti par BTC en quelques semaines, alors que le march\u00e9 reste chahut\u00e9 autour de 87 000 dollars.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Metaplanet has borrowed another $130M under their $500M credit facility, bringing the total to $230M.<\/p>\n<p>They will use those funds for:<\/p>\n<p>1. Additional Bitcoin purchases<br \/>2. Expansion of their income generation business<br \/>3. Share repurchases<\/p>\n<p>Their current mNAV is 0.96x, so I assume\u2026 <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/j4fBRalT2b\">pic.twitter.com\/j4fBRalT2b<\/a><\/p>\n<p>&mdash; Ragnar (@RoaringRagnar) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/RoaringRagnar\/status\/1993251183402610889?ref_src=twsrc%5Etfw\">November 25, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Metaplanet reconna\u00eet explicitement le principal risque de cette strat\u00e9gie : si le prix du Bitcoin baisse trop, <a href=\"https:\/\/cointelegraph.com\/news\/metaplanet-130m-bitcoin-backed-loan-treasury-strategy\" target=\"_blank\" rel=\"noopener\">la soci\u00e9t\u00e9 peut \u00eatre confront\u00e9e \u00e0 des appels de marge<\/a> ou devoir rajouter du collat\u00e9ral.<\/p>\n<h2>Une strat\u00e9gie en deux temps : dette \u00e0 court terme et actions pr\u00e9f\u00e9rentielles<\/h2>\n<p>Ce nouveau pr\u00eat illustre bien le montage financier que Metaplanet met en place pour doper sa strat\u00e9gie Bitcoin. La soci\u00e9t\u00e9 ne se contente pas d&rsquo;une ligne de cr\u00e9dit, elle d\u00e9ploie deux canaux distincts pour se financer.<\/p>\n<p>D&rsquo;un c\u00f4t\u00e9, la facilit\u00e9 de 500 millions de dollars lui offre une source flexible de cash, activable \u00e0 la demande, avec le BTC comme garantie.<\/p>\n<p>Cette enveloppe sert \u00e0 trois choses : acheter plus de Bitcoin, alimenter un programme de g\u00e9n\u00e9ration de revenus sur ses BTC (yield, produits d\u00e9riv\u00e9s, pr\u00eats) et, si besoin, financer des rachats d&rsquo;actions sans \u00e9mettre de nouveaux titres ordinaires.<\/p>\n<p>En parall\u00e8le, <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/coinspeaker.com\/fr\/metaplanet-463-btc-achetes-lentreprise-japonaise-geant-bitcoin\/\">Metaplanet pr\u00e9pare une lev\u00e9e de 135 millions de dollars<\/a> en actions pr\u00e9f\u00e9rentielles de Classe B, perp\u00e9tuelles. Ce financement ressemble beaucoup plus \u00e0 du capital de long terme.<\/p>\n<p>Les investisseurs qui souscrivent ces actions re\u00e7oivent un coupon annuel fixe, disposent d&rsquo;une option de conversion en actions classiques et peuvent, selon certaines conditions, \u00eatre rachet\u00e9s par la soci\u00e9t\u00e9.<\/p>\n<p>Ce duo dette \u00e0 court terme et equity hybride \u00e0 long terme montre que Metaplanet cherche \u00e0 <strong>maximiser l&rsquo;effet de levier sur son bilan<\/strong>.<\/p>\n<h2>Des pertes latentes proches de 20 %, mais une strat\u00e9gie toujours \u00ab\u00a0HODL\u00a0\u00bb<\/h2>\n<p>Cette agressivit\u00e9 surprend, car Metaplanet n&rsquo;est pas en plus-value sur sa position globale. La soci\u00e9t\u00e9 a achet\u00e9 son Bitcoin \u00e0 un prix moyen d&rsquo;environ 108 036 dollars. Avec un BTC autour de 87 000 dollars, la perte latente tourne autour de 20 %.<\/p>\n<p>Malgr\u00e9 ce rouge comptable, le discours officiel ne bouge pas. Le directeur de la strat\u00e9gie Bitcoin, Dylan LeClair, a rappel\u00e9 sur X que la soci\u00e9t\u00e9 \u00ab\u00a0HODL\u00a0\u00bb et n&rsquo;a pas l&rsquo;intention de c\u00e9der ses r\u00e9serves.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are HODLing. \u270a<\/p>\n<p>&mdash; Dylan LeClair (@DylanLeClair) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/DylanLeClair\/status\/1991993622410199062?ref_src=twsrc%5Etfw\">November 21, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Aux yeux de Metaplanet, cette baisse prolong\u00e9e reste une phase de cycle et non la remise en cause de la th\u00e8se long terme.<\/p>\n<p>Dans la communaut\u00e9, certains observent aussi le timing. Le tirage de ce nouveau pr\u00eat co\u00efncide avec une chute du BTC vers 82 000 dollars.<\/p>\n<p>Plusieurs commentateurs y voient la marque d&rsquo;un \u00ab\u00a0buy the dip\u00a0\u00bb assum\u00e9, une fa\u00e7on de transformer une correction en opportunit\u00e9 de renforcer le bilan en Bitcoin \u00e0 prix r\u00e9duit.<\/p>\n<h2>Le pari risqu\u00e9 d&rsquo;un \u00ab\u00a0MicroStrategy japonais\u00a0\u00bb<\/h2>\n<p>Sur le fond, <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/coinspeaker.com\/fr\/metaplanet-japon-adopte-bitcoin\/\">Metaplanet s&rsquo;inscrit dans la lign\u00e9e de MicroStrategy<\/a> : utiliser le bilan d&rsquo;une soci\u00e9t\u00e9 cot\u00e9e pour faire levier sur une conviction Bitcoin maximaliste.<\/p>\n<p>La diff\u00e9rence, c&rsquo;est que le groupe japonais pousse tr\u00e8s t\u00f4t le curseur du cr\u00e9dit garanti directement par le BTC, alors m\u00eame que sa position est en perte latente.<\/p>\n<p>Tant que le cours reste au-dessus des niveaux jug\u00e9s confortables par ses pr\u00eateurs, la strat\u00e9gie peut fonctionner. Le cr\u00e9dit fournit du cash, le cash sert \u00e0 acheter du Bitcoin, la hausse future attendue du BTC doit, \u00e0 terme, couvrir le co\u00fbt de la dette et offrir un surplus de valeur aux actionnaires.<\/p>\n<p>En revanche, si le prix du Bitcoin s&rsquo;enfonce bien en dessous de la zone d&rsquo;achat moyenne et des seuils de collat\u00e9ral, le levier peut se retourner.<\/p>\n<p>Aux investisseurs de d\u00e9cider si Metaplanet est en train de construire un v\u00e9hicule d&rsquo;exposition hyper efficace \u00e0 un futur bull market, ou si la soci\u00e9t\u00e9 s&rsquo;enferme dans une m\u00e9canique de levier qui ne pardonnera pas en cas de bear market prolong\u00e9.<\/p>\n<hr \/>\n<p>\u00c0 lire aussi :<\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/msci-exclure-strategy-mstr-bitcoin\/\">MSCI veut exclure Strategy. L&rsquo;entreprise est-elle en danger ?<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/saylor-crash-90-bitcoin-serait-gerable\/\">Pour Saylor, un crash de -90 % sur Bitcoin serait g\u00e9rable<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/metaplanet-463-btc-portant-ses-avoirs-17-595\/\">Metaplanet ajoute 463 BTC, portant ses avoirs \u00e0 17 595<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/og-whale-long-ether-44m\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Metaplanet continue d&rsquo;appuyer sur l&rsquo;acc\u00e9l\u00e9rateur. Malgr\u00e9 un Bitcoin sous son prix d&rsquo;achat moyen, la soci\u00e9t\u00e9 japonaise sp\u00e9cialis\u00e9e dans la tr\u00e9sorerie en BTC vient de tirer 130 millions de dollars suppl\u00e9mentaires sur une ligne de cr\u00e9dit adoss\u00e9e \u00e0 ses r\u00e9serves.<\/p>\n","protected":false},"author":200,"featured_media":18189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18184","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 v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Metaplanet s\u2019endette de 130M$ pour acheter encore plus de Bitcoin<\/title>\n<meta name=\"description\" content=\"Metaplanet active 130 M$ de dette adoss\u00e9e au Bitcoin pour acc\u00e9l\u00e9rer ses achats de BTC et 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Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/18184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=18184"}],"version-history":[{"count":3,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/18184\/revisions"}],"predecessor-version":[{"id":18200,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/18184\/revisions\/18200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/18189"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=18184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=18184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=18184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}