{"id":22755,"date":"2026-06-24T14:01:28","date_gmt":"2026-06-24T14:01:28","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=22755"},"modified":"2026-06-23T14:04:40","modified_gmt":"2026-06-23T14:04:40","slug":"strategy-inc-520-bitcoin-achetes-mais-le-cash-domine","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/","title":{"rendered":"Strategy Inc. : 520 Bitcoin achet\u00e9s, mais le cash domine"},"content":{"rendered":"<p>Strategy Inc. a r\u00e9v\u00e9l\u00e9, dans un formulaire 8-K d\u00e9pos\u00e9 le 22 juin 2026, l&rsquo;acquisition de <strong>520 Bitcoin<\/strong> pour un montant de <strong>34,9 millions de dollars<\/strong> entre le 15 et le 21 juin. Ce financement a \u00e9t\u00e9 int\u00e9gralement assur\u00e9 par la vente d&rsquo;actions ordinaires de classe A via son programme d&rsquo;offre au cours du march\u00e9 (ATM). Pour la troisi\u00e8me semaine cons\u00e9cutive, aucune action privil\u00e9gi\u00e9e perp\u00e9tuelle n&rsquo;a \u00e9t\u00e9 \u00e9mise pour financer cet ajout au tr\u00e9sor BTC.<\/p>\r\n<p>Il ne s&rsquo;agit pas d&rsquo;une simple mise \u00e0 jour de routine de l&rsquo;accumulation hebdomadaire, mais d&rsquo;un signal fort sur l&rsquo;allocation du capital : sur les <strong>335,5 millions de dollars<\/strong> de produits nets tir\u00e9s de la vente de 2,71 millions d&rsquo;actions MSTR, seuls 34,9 millions \u2014 environ dix cents pour chaque dollar lev\u00e9 \u2014 ont \u00e9t\u00e9 convertis en Bitcoin. Le reste a \u00e9t\u00e9 conserv\u00e9 en liquidit\u00e9s, portant la r\u00e9serve de tr\u00e9sorerie en dollars de la soci\u00e9t\u00e9 \u00e0 <strong>1,4 milliard de dollars<\/strong> au 21 juin, soit une hausse de 300 millions de dollars.<\/p>\r\n<p>Cette annonce intervient alors que le Bitcoin a chut\u00e9 de 2,7 % en une nuit, passant de plus de 64 000 $ \u00e0 son niveau actuel de <strong>62 500 $<\/strong>. Les traders anticipent d\u00e9sormais une possible perte du support cl\u00e9 des 60 000 $.<\/p>\r\n<p><blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Strategy has increased its USD Reserve by $300 million to $1.4 billion and plans to continue replenishing it to support the credit quality of its Digital Credit securities. We also acquired 520 BTC for $35 million, increasing our <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Reserve to \u20bf847,363. <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/x.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$MSTR<\/a> <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/x.com\/search?q=%24STRC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$STRC<\/a>\u2026<\/p>&mdash; Michael Saylor (@saylor) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/x.com\/saylor\/status\/2069028571880845340?ref_src=twsrc%5Etfw\">June 22, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\r\n<h2>Achats de Bitcoin : les fonds ATM servent la r\u00e9serve, pas le BTC<\/h2>\r\n<p>Le document 8-K stipule explicitement que la r\u00e9serve en USD est destin\u00e9e au service des dividendes privil\u00e9gi\u00e9s et des int\u00e9r\u00eats de la dette. Ces obligations sont li\u00e9es \u00e0 des instruments tels que le <strong>STRC<\/strong>, les actions privil\u00e9gi\u00e9es perp\u00e9tuelles de Strategy, qui ont \u00e9t\u00e9 singuli\u00e8rement absentes du financement hebdomadaire depuis trois semaines.<\/p>\r\n<p>Avec un prix d&rsquo;acquisition moyen de <strong>67 068 $ par BTC<\/strong> (frais inclus), cette tranche de 520 jetons marque une nette d\u00e9c\u00e9l\u00e9ration en volume par rapport aux deux semaines pr\u00e9c\u00e9dentes (1 550 BTC et 1 587 BTC), alors m\u00eame que le montant lev\u00e9 via l&rsquo;ATM cette semaine \u00e9tait le plus \u00e9lev\u00e9 des trois, avec 335,5 millions de dollars.<\/p>\r\n<p>Michael Saylor, l&rsquo;architecte de la strat\u00e9gie initiale de tr\u00e9sorerie BTC chez ce qui \u00e9tait alors MicroStrategy, a structur\u00e9 le plan de capital actuel autour d&rsquo;un programme de 44 milliards de dollars, combinant environ 21 milliards de dollars en actions ordinaires et 21 milliards de dollars en \u00e9missions d&rsquo;actions privil\u00e9gi\u00e9es convertibles et \u00e0 taux variable.<\/p>\r\n<p>Le d\u00e9laissement des actions privil\u00e9gi\u00e9es ces derni\u00e8res semaines s&rsquo;explique en partie par les conditions de march\u00e9 : le STRC s&rsquo;\u00e9change actuellement sous les 90 $, soit une d\u00e9cote par rapport \u00e0 sa valeur nominale de 100 $, rendant toute nouvelle \u00e9mission \u00e9conomiquement dilutive.<\/p>\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2026\/06\/content-img-1-23.jpg\" alt=\"\" \/><\/figure>\r\n\r\n<p>(SOURCE: Yahoo Finance)<\/p>\r\n<h2>Contexte du bilan : avoirs, co\u00fbt de revient et capacit\u00e9 ATM<\/h2>\r\n<p>Apr\u00e8s cet ajout, Strategy d\u00e9tient d\u00e9sormais <strong>847 363 BTC<\/strong> acquis pour un co\u00fbt total d&rsquo;environ 64,1 milliards de dollars, soit environ <strong>75 651 $ par unit\u00e9<\/strong>.<\/p>\r\n<p>\u00c0 une valeur de march\u00e9 estim\u00e9e proche de 54,8 milliards de dollars, la position affiche des pertes latentes d&rsquo;environ <strong>9,3 milliards de dollars<\/strong>, un chiffre qui doit \u00eatre interpr\u00e9t\u00e9 avec prudence compte tenu de la volatilit\u00e9 du prix du BTC durant les p\u00e9riodes de reporting.<\/p>\r\n<p>La soci\u00e9t\u00e9 conserve environ 25,4 milliards de dollars d&rsquo;actions ordinaires MSTR autoris\u00e9es pour de futures \u00e9missions dans le cadre de son programme ATM actuel, pr\u00e9servant ainsi une capacit\u00e9 de lev\u00e9e de fonds substantielle sans n\u00e9cessiter de nouvelle autorisation des actionnaires.<\/p>\r\n<p>Le renforcement de la r\u00e9serve de cash fait suite \u00e0 une restructuration du bilan au cours de laquelle Strategy a rembours\u00e9 environ 800 millions de dollars d&rsquo;une note convertible, r\u00e9duisant temporairement sa tr\u00e9sorerie \u00e0 pr\u00e8s de 100 millions de dollars avant de la reconstruire au-dessus du seuil du milliard de dollars.<\/p>\r\n<h2>Implication pour l&rsquo;industrie : le cash comme gestion des risques<\/h2>\r\n<p><blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">When <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>&#39;s weekly RSI hits oversold &#8211; and then prints a higher low &#8211; it&#39;s time to pay attention.<br><br>In the past, that signal meant the bottom was in, or very close to forming.<br><br>The same signal flashed last week. \ud83d\udc40 <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/GoEOug9XKo\">pic.twitter.com\/GoEOug9XKo<\/a><\/p>&mdash; Jelle (@CryptoJelleNL) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/x.com\/CryptoJelleNL\/status\/2069380652307222854?ref_src=twsrc%5Etfw\">June 23, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\r\n<p>L&rsquo;analyse de DL News d\u00e9crit cette r\u00e9serve croissante comme le premier exemple o\u00f9 Strategy constitue un \u00ab tr\u00e9sor de guerre \u00bb en cash explicitement pour se prot\u00e9ger contre des liquidations forc\u00e9es de Bitcoin, plut\u00f4t que pour financer de nouvelles accumulations. Cela r\u00e9oriente le r\u00e9cit vers la gestion du passif plut\u00f4t que vers la croissance des actifs.<\/p>\r\n<p>Selon des publications ant\u00e9rieures de l&rsquo;entreprise, cette r\u00e9serve de 1,4 milliard de dollars est dimensionn\u00e9e pour couvrir au moins <strong>21 mois de dividendes<\/strong> privil\u00e9gi\u00e9s et d&rsquo;int\u00e9r\u00eats.<\/p>\r\n<p>Le signal \u00e0 surveiller \u00e0 l&rsquo;avenir n&rsquo;est probablement pas la taille des tranches hebdomadaires de BTC, mais la vitesse \u00e0 laquelle la capacit\u00e9 restante de 25,4 milliards de dollars de l&rsquo;ATM est utilis\u00e9e, et comment ce capital est r\u00e9parti entre l&rsquo;achat de Bitcoin et le maintien des r\u00e9serves. Ce ratio d\u00e9terminera si le mod\u00e8le actuel est un ajustement tactique temporaire ou un changement durable dans le mode de financement des op\u00e9rations de tr\u00e9sorerie BTC de Strategy.<\/p><a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/chainlink-sattaque-a-lasie-samsung-et-toyota-sur-la-blockchain\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Strategy Inc. acquiert 520 BTC mais alloue 90 % de ses fonds lev\u00e9s \u00e0 ses r\u00e9serves de cash, atteignant 1,4 milliard de dollars.<\/p>\n","protected":false},"author":200,"featured_media":22751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22755","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>Strategy Inc. : 520 Bitcoin achet\u00e9s, mais le cash domine<\/title>\n<meta name=\"description\" content=\"Strategy Inc. acquiert 520 BTC mais alloue 90 % de ses fonds lev\u00e9s \u00e0 ses r\u00e9serves de cash, atteignant 1,4 milliard de dollars.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strategy Inc. : 520 Bitcoin achet\u00e9s, mais le cash domine\" \/>\n<meta property=\"og:description\" content=\"Strategy Inc. acquiert 520 BTC mais alloue 90 % de ses fonds lev\u00e9s \u00e0 ses r\u00e9serves de cash, atteignant 1,4 milliard de dollars.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/\" \/>\n<meta property=\"og:site_name\" content=\"Coinspeaker France\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-24T14:01:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2026\/06\/strategy-inc-bitcoin-purchase-cash-reserve-risk-management-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emmanuel Roux\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emmanuel Roux\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Strategy Inc. : 520 Bitcoin achet\u00e9s, mais le cash domine","description":"Strategy Inc. acquiert 520 BTC mais alloue 90 % de ses fonds lev\u00e9s \u00e0 ses r\u00e9serves de cash, atteignant 1,4 milliard de dollars.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/","og_locale":"fr_FR","og_type":"article","og_title":"Strategy Inc. : 520 Bitcoin achet\u00e9s, mais le cash domine","og_description":"Strategy Inc. acquiert 520 BTC mais alloue 90 % de ses fonds lev\u00e9s \u00e0 ses r\u00e9serves de cash, atteignant 1,4 milliard de dollars.","og_url":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/","og_site_name":"Coinspeaker France","article_published_time":"2026-06-24T14:01:28+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2026\/06\/strategy-inc-bitcoin-purchase-cash-reserve-risk-management-featured.jpg","type":"image\/jpeg"}],"author":"Emmanuel Roux","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Emmanuel Roux","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/","url":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/","name":"Strategy Inc. : 520 Bitcoin achet\u00e9s, mais le cash domine","isPartOf":{"@id":"https:\/\/www.coinspeaker.com\/fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/#primaryimage"},"image":{"@id":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/#primaryimage"},"thumbnailUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2026\/06\/strategy-inc-bitcoin-purchase-cash-reserve-risk-management-featured.jpg","datePublished":"2026-06-24T14:01:28+00:00","author":{"@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/cfb5df450a3f98d6cbdac45264af1e5d"},"description":"Strategy Inc. acquiert 520 BTC mais alloue 90 % de ses fonds lev\u00e9s \u00e0 ses r\u00e9serves de cash, atteignant 1,4 milliard de dollars.","breadcrumb":{"@id":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/#primaryimage","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2026\/06\/strategy-inc-bitcoin-purchase-cash-reserve-risk-management-featured.jpg","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2026\/06\/strategy-inc-bitcoin-purchase-cash-reserve-risk-management-featured.jpg","width":1200,"height":675},{"@type":"BreadcrumbList","@id":"https:\/\/www.coinspeaker.com\/fr\/strategy-inc-520-bitcoin-achetes-mais-le-cash-domine\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.coinspeaker.com\/fr\/"},{"@type":"ListItem","position":2,"name":"Strategy Inc. : 520 Bitcoin achet\u00e9s, mais le cash domine"}]},{"@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\/#\/schema\/person\/image\/","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. 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\/22755","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=22755"}],"version-history":[{"count":1,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/22755\/revisions"}],"predecessor-version":[{"id":22763,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/22755\/revisions\/22763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/22751"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=22755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=22755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=22755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}