{"id":21260,"date":"2026-03-30T12:19:52","date_gmt":"2026-03-30T12:19:52","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=21260"},"modified":"2026-03-30T09:20:43","modified_gmt":"2026-03-30T09:20:43","slug":"investisseurs-particuliers-crypto-80-actions-stretch-strategy","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/investisseurs-particuliers-crypto-80-actions-stretch-strategy\/","title":{"rendered":"Les investisseurs particuliers crypto d\u00e9tiennent 80% des actions \u00ab Stretch \u00bb de Strategy"},"content":{"rendered":"<p>Environ 80 % des actions privil\u00e9gi\u00e9es perp\u00e9tuelles <a href=\"https:\/\/www.strategy.com\/\" target=\"_blank\" rel=\"\">Strategy<\/a> (MSTR) Stretch (STRC) sont d\u00e9tenues par des investisseurs particuliers crypto, a r\u00e9v\u00e9l\u00e9 mercredi le PDG de Strategy, Phong Le, via les r\u00e9seaux sociaux.<\/p>\n<p>Ce chiffre place le capital des particuliers au centre du principal v\u00e9hicule de financement de l&rsquo;acquisition de Bitcoins de la soci\u00e9t\u00e9. L&rsquo;instrument a d\u00e9j\u00e0 g\u00e9n\u00e9r\u00e9 plus de 1,2 milliard USD d&rsquo;achats de Bitcoins sur la seule ann\u00e9e 2026.<\/p>\n<p>Cette concentration de particuliers n&rsquo;est pas qu&rsquo;une simple note d\u00e9mographique. Elle lie directement la capacit\u00e9 de lev\u00e9e de fonds de STRC au sentiment des particuliers envers le Bitcoin \u2014 ce qui signifie qu&rsquo;une correction prolong\u00e9e du cours du BTC peut entraver la capacit\u00e9 de Strategy \u00e0 financer une accumulation suppl\u00e9mentaire via cet instrument, comprimant ainsi la demande programmatique que STRC \u00e9tait cens\u00e9 soutenir.<\/p>\n<p><strong>\u00c0 EXPLORER :\u00a0<a href=\"https:\/\/www.coinspeaker.com\/fr\/guides\/trading-sur-marge\/\" target=\"_blank\" rel=\"nofollow noopener\">Top des plateformes crypto pour le trading sur marge<\/a><\/strong><\/p>\n<h2>Composition des investisseurs crypto de Strategy (STRC) : ce que r\u00e9v\u00e8le la dominance de 80 % de particuliers<\/h2>\n<p>STRC est une action privil\u00e9gi\u00e9e perp\u00e9tuelle \u00e0 taux variable affichant actuellement un dividende annualis\u00e9 de 11,50 %, pay\u00e9 mensuellement en esp\u00e8ces, avec un taux ajust\u00e9 chaque mois de \u00b10,25 % maximum pour stabiliser la cotation autour de sa valeur nominale de 100 USD.<\/p>\n<p>L&rsquo;instrument s&rsquo;\u00e9change \u00e0 un cours proche du pair \u2014 cl\u00f4turant r\u00e9cemment \u00e0 99,94 USD \u2014 offrant une discipline de prix qui le rend lisible pour les investisseurs particuliers en qu\u00eate de rendement, peu familiers avec les m\u00e9canismes des obligations convertibles ou la dynamique des primes sur la valeur liquidative (NAV).<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">~ 40% of <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$MSTR<\/a> shares are owned by retail. ~ 80% of <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24STRC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$STRC<\/a> shares are owned by retail. Retail investors prefer low-volatility, high-yield digital credit.<\/p>\n<p>&mdash; Phong Le (@phongle) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/phongle\/status\/2037160077774238030?ref_src=twsrc%5Etfw\">March 26, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>La structure comprend une option de vente (put) pour le d\u00e9tenteur \u00e0 la valeur nominale lors d&rsquo;environnements d\u00e9favorables au Bitcoin, et un m\u00e9canisme de rachat forc\u00e9 par la soci\u00e9t\u00e9 lorsque les conditions favorisent l&rsquo;appr\u00e9ciation du BTC.<\/p>\n<p>En effet, STRC fonctionne comme un instrument de cr\u00e9dit num\u00e9rique : le rendement attire le capital, ce capital finance des achats de Bitcoins au prix du march\u00e9, et l&rsquo;accumulation de BTC qui en r\u00e9sulte soutient le moteur de prime sur NAV qui sous-tend l&rsquo;action MSTR. Chaque dollar lev\u00e9 via STRC est destin\u00e9 au carnet d&rsquo;ordres.<\/p>\n<p>En mars 2026, Strategy a d\u00e9ploy\u00e9 environ 1,2 milliard USD lev\u00e9s par des ventes ATM (at-the-market) de STRC pour acheter du Bitcoin, avant de revenir \u00e0 l&rsquo;\u00e9mission d&rsquo;actions ordinaires pour sa plus r\u00e9cente tranche d&rsquo;acquisition.<\/p>\n<p>La structure de capital \u00e0 deux canaux \u2014 actions ordinaires et privil\u00e9gi\u00e9es \u2014 offre de la flexibilit\u00e9 \u00e0 Strategy, mais le profil d&rsquo;actionnariat fortement ax\u00e9 sur les particuliers de STRC introduit une variable que le canal des actions ordinaires ne comporte pas.<\/p>\n<h2>Flux domin\u00e9s par les particuliers : risque de volatilit\u00e9 et sorties li\u00e9es au sentiment<\/h2>\n<p>Les d\u00e9tenteurs particuliers et les d\u00e9tenteurs institutionnels r\u00e9agissent aux baisses de march\u00e9 via des m\u00e9canismes structurellement diff\u00e9rents. Les institutions op\u00e9rant sous mandat \u2014 fonds souverains, produits ETF, programmes de tr\u00e9sorerie d&rsquo;entreprise \u2014 absorbent la pression vendeuse en fonction de leur politique d&rsquo;investissement, et non du sentiment.<\/p>\n<p>Les particuliers sortent lorsque la narration se d\u00e9t\u00e9riore.<\/p>\n<p>Le Bitcoin s&rsquo;\u00e9change actuellement \u00e0 environ 45 % en dessous de son sommet historique.<\/p>\n<p>Dans ce contexte, l&rsquo;attrait du rendement de 11,50 % de STRC et la stabilit\u00e9 de son prix proche du pair sont \u00e9vidents : il offre une exposition corr\u00e9l\u00e9e au Bitcoin sans la douleur li\u00e9e \u00e0 l&rsquo;\u00e9valuation au prix du march\u00e9 (mark-to-market) de la d\u00e9tention d&rsquo;actions MSTR ou de BTC au comptant.<\/p>\n<p>S&rsquo;exprimant lors du Digital Asset Summit 2026 \u00e0 New York jeudi, le pr\u00e9sident ex\u00e9cutif Michael Saylor a explicitement pr\u00e9sent\u00e9 STRC comme \u00ab une rampe d&rsquo;acc\u00e8s pour les personnes qui croient que le Bitcoin sera l\u00e0 sur le long terme, mais qui ne peuvent pas g\u00e9rer la volatilit\u00e9 \u00e0 court terme \u00bb.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">71% to 2%. We engineer volatility. <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$MSTR<\/a> <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24STRC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$STRC<\/a> <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/BIQwR2e1yx\">pic.twitter.com\/BIQwR2e1yx<\/a><\/p>\n<p>&mdash; Michael Saylor (@saylor) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/saylor\/status\/2036785899401257106?ref_src=twsrc%5Etfw\">March 25, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Le sentiment n&rsquo;est toutefois pas un mandat. Une base de d\u00e9tenteurs domin\u00e9e par les particuliers signifie que la liquidit\u00e9 du march\u00e9 secondaire de STRC et la demande primaire ATM sont toutes deux expos\u00e9es au m\u00eame d\u00e9clencheur comportemental : une forte baisse du BTC qui \u00e9branle la confiance dans la th\u00e8se \u00e0 long terme.<\/p>\n<p>L&rsquo;argent intelligent (smart money) absorbe ces corrections. Ce n&rsquo;est souvent pas le cas des particuliers.<\/p>\n<p><a target=\"_blank\" rel=\"noopener nofollow sponsored\" class=\"infinscroll_next_page_link\" style=\"display: none;\" href=\"https:\/\/www.coinspeaker.com\/gamestop-retains-4710-btc-filing-dispels-sell-off-speculation\/\" rel=\"prev\">next<\/a><\/p>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/waters-interpelle-fed-kansas-city-approbation-kraken\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Les investisseurs particuliers poss\u00e8dent 80 % des actions STRC de Strategy<\/p>\n","protected":false},"author":200,"featured_media":21257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21260","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 v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Les particuliers d\u00e9tiennent 80% des actions Stretch de Strategy<\/title>\n<meta name=\"description\" content=\"80% des actions privil\u00e9gi\u00e9es perp\u00e9tuelles Strategy (MSTR) Stretch sont d\u00e9tenues par des investisseurs particuliers crypto, r\u00e9v\u00e8le le PDG.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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investisseurs particuliers crypto d\u00e9tiennent 80% des actions \u00ab Stretch \u00bb de Strategy"}]},{"@type":"WebSite","@id":"https:\/\/www.coinspeaker.com\/fr\/#website","url":"https:\/\/www.coinspeaker.com\/fr\/","name":"Coinspeaker France","description":"Bitcoin, Ethereum, Altcoins et actualit\u00e9s crypto avec analyses, cours en direct, graphiques de donn\u00e9es et guides","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.coinspeaker.com\/fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/cfb5df450a3f98d6cbdac45264af1e5d","name":"Emmanuel Roux","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","caption":"Emmanuel Roux"},"description":"Issu de la finance traditionnelle, j\u2019ai naturellement bascul\u00e9 vers l\u2019univers crypto, attir\u00e9 par son potentiel. 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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\/21260","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=21260"}],"version-history":[{"count":3,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/21260\/revisions"}],"predecessor-version":[{"id":21268,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/21260\/revisions\/21268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/21257"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=21260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=21260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=21260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}