{"id":14257,"date":"2025-11-06T19:30:46","date_gmt":"2025-11-06T19:30:46","guid":{"rendered":"https:\/\/icobench.com\/fr\/?p=14257"},"modified":"2025-11-24T21:15:31","modified_gmt":"2025-11-24T21:15:31","slug":"entreprises-tresorerie-crash-fait-eclater-bulle","status":"publish","type":"post","link":"https:\/\/icobench.com\/fr\/news\/entreprises-tresorerie-crash-fait-eclater-bulle\/","title":{"rendered":"Entreprises de tr\u00e9sorerie : le crash fait \u00e9clater la bulle ?"},"content":{"rendered":"<p>Apr\u00e8s de longues semaines de stagnation ponctu\u00e9es par un crash des cryptos, <strong>les entreprises de tr\u00e9sorerie commencent \u00e0 \u00e9prouver des difficult\u00e9s<\/strong>. Le prix des actifs se rapproche dangereusement des seuils critiques qui sous-tendent leurs strat\u00e9gies.<\/p>\n<p>Dans ce contexte de contraction des march\u00e9s, on assiste aux premi\u00e8res ventes des entreprises de tr\u00e9sorerie. Un signal qui donne du poids aux <strong>th\u00e9ories selon lesquelles la bulle a explos\u00e9<\/strong>. Est-ce vraiment le cas ? Et faut-il s\u2019attendre \u00e0 un effondrement du mod\u00e8le ?<\/p>\n<h2><span id=\"comment_le_crash_a_pousse_les_entreprises_de_tresorerie_a_bout\">Comment le crash a pouss\u00e9 les entreprises de tr\u00e9sorerie \u00e0 bout<\/span><\/h2>\n<p>Le postulat des entreprises de tr\u00e9sorerie de cryptomonnaies est qu\u2019elles \u00e9taient cens\u00e9es \u00eatre <strong>des instruments alternatifs<\/strong> pour <strong>obtenir de l\u2019exposition aux cryptomonnaies<\/strong>. En absorbant les investissements des particuliers, elles avaient pour r\u00f4le d\u2019accumuler sans cesse et de maintenir le cap.<\/p>\n<p><img decoding=\"async\" class=\"size-full wp-image-14260 aligncenter\" src=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Entreprise-de-Tresorerie-de-BTC.jpg\" alt=\"Entreprise de Tr\u00e9sorerie de BTC\" width=\"1200\" height=\"600\" srcset=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Entreprise-de-Tresorerie-de-BTC.jpg 1200w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Entreprise-de-Tresorerie-de-BTC-300x150.jpg 300w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Entreprise-de-Tresorerie-de-BTC-1024x512.jpg 1024w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Entreprise-de-Tresorerie-de-BTC-768x384.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"><\/p>\n<p>De nombreux analystes et figures pro\u00e9minentes avaient soulev\u00e9 <a href=\"https:\/\/icobench.com\/fr\/news\/vitalik-buterin-tresoreries-eth-entreprises\/\" rel=\"\">le risque qu\u2019une telle accumulation pouvait repr\u00e9senter<\/a>. Mais surtout, la fa\u00e7on dont ces entreprises pourraient exacerber les effets d\u2019un crash des cryptomonnaies.<\/p>\n<p>En fin octobre, <strong>ETHZilla<\/strong> avait annonc\u00e9 la <strong>vente de 40 millions $ en ETH<\/strong> pour des rachats d\u2019actions. L\u2019op\u00e9ration \u00e9tait cens\u00e9e am\u00e9liorer le ratio entre ses actions et la valeur net des actifs (<strong>NAV<\/strong>). De m\u00eame, le 3 novembre dernier, c\u2019est <strong>Sequans<\/strong> qui a proc\u00e9d\u00e9 \u00e0 la <strong>vente de 930 BTC<\/strong> pour racheter une partie de sa dette.<\/p>\n<p>Ces d\u00e9cisions ont <strong>bris\u00e9 l\u2019illusion<\/strong> que les entreprises de tr\u00e9sorerie sont des champions ind\u00e9fectibles de la cause des actifs num\u00e9riques. Par-dessus tout, elles donnent raison \u00e0 <strong>Tom Lee<\/strong> lorsqu\u2019il consid\u00e9rait que <a href=\"https:\/\/icobench.com\/fr\/news\/pour-tom-lee-bulle-tresorerie-crypto-eclate\/\" rel=\"\">la bulle des entreprises de tr\u00e9sorerie avait d\u00e9j\u00e0 \u00e9clat\u00e9<\/a>.<\/p>\n<p>Et, m\u00eame pour les entreprises qui ne vendent pas leurs actifs, le crash crypto actuel est particuli\u00e8rement brutal. En effet, <strong>Forward Industries<\/strong> qui a lev\u00e9 <a href=\"https:\/\/icobench.com\/fr\/news\/1-65-milliard-injectes-sol-hausse-grace-tresoreries\/\" rel=\"\">plus de 1,5 milliard $ pour constituer sa tr\u00e9sorerie de Solana<\/a> a vu ses actions baisser consid\u00e9rablement. Elles ont plong\u00e9 de 25 $ environ \u00e0 tout juste 10,50 $ en moins d\u2019un mois. De m\u00eame, <strong>Metaplanet<\/strong> a enregistr\u00e9 une <strong>perte de 32 % de sa valeur sur la m\u00eame p\u00e9riode<\/strong>.<\/p>\n<h2><span id=\"lindicateur_mnav_en_chute_libre\">L\u2019indicateur mNAV en chute libre<\/span><\/h2>\n<p>Le <strong>mNAV<\/strong> est le ratio de la capitalisation de march\u00e9 de l\u2019entreprise par rapport \u00e0 la valeur de sa tr\u00e9sorerie en actifs num\u00e9riques. Les investisseurs s\u2019y r\u00e9f\u00e8rent pour <strong>\u00e9valuer les entreprises de tr\u00e9sorerie<\/strong>.<\/p>\n<p>Ainsi, un <strong>mNAV sup\u00e9rieur \u00e0 1,00<\/strong> est un bon signe pour les investisseurs. C\u2019est cens\u00e9 indiquer que l\u2019entreprise de tr\u00e9sorerie op\u00e8re convenablement. Mais surtout, c\u2019est la preuve qu\u2019elle parvient \u00e0 acqu\u00e9rir les actifs num\u00e9riques \u00e0 bon prix par rapport \u00e0 sa propre capitalisation.<\/p>\n<p>\u00c0 l\u2019inverse, <strong>un mNAV inf\u00e9rieur \u00e0 1,00<\/strong> enclenche les sonnettes d\u2019alarme. Pour les investisseurs, c\u2019est un sympt\u00f4me d\u2019une strat\u00e9gie de tr\u00e9sorerie qui peine \u00e0 fournir des r\u00e9sultats.<\/p>\n<figure id=\"attachment_14258\" aria-describedby=\"caption-attachment-14258\" style=\"width: 1805px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-full wp-image-14258\" src=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Artemis-mNAV-par-entreprise-de-tresorerie.jpg\" alt=\"Artemis - mNAV par entreprise de tr\u00e9sorerie\" width=\"1805\" height=\"694\" srcset=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Artemis-mNAV-par-entreprise-de-tresorerie.jpg 1805w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Artemis-mNAV-par-entreprise-de-tresorerie-300x115.jpg 300w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Artemis-mNAV-par-entreprise-de-tresorerie-1024x394.jpg 1024w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Artemis-mNAV-par-entreprise-de-tresorerie-768x295.jpg 768w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Artemis-mNAV-par-entreprise-de-tresorerie-1536x591.jpg 1536w, https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2025\/11\/Artemis-mNAV-par-entreprise-de-tresorerie-1568x603.jpg 1568w\" sizes=\"(max-width: 1805px) 100vw, 1805px\"><figcaption id=\"caption-attachment-14258\" class=\"wp-caption-text\"><a href=\"https:\/\/app.artemisanalytics.com\/chart-builder\/8141\" target=\"_blank\" rel=\"noopener noreferrer\">Source : artemisanalytics.com<\/a><\/figcaption><\/figure>\n<p><strong>Depuis mai 2025<\/strong>, le mNAV global a <strong>consid\u00e9rablement chut\u00e9 pour l\u2019ensemble des entreprises de tr\u00e9sorerie<\/strong>. Et depuis, les crashs r\u00e9p\u00e9t\u00e9s du march\u00e9 crypto, ainsi que les conditions incertaines n\u2019ont pas contribu\u00e9 \u00e0 une quelconque reprise. Pour <strong>BTC<\/strong>, <strong>ETH<\/strong> et <strong>SOL<\/strong>, le mNAV s\u2019est \u00e9tabli <strong>\u00e0 proximit\u00e9 de 1,10<\/strong>, sans signe apparent de retour \u00e0 la hausse.<\/p>\n<h2><span id=\"les_entreprises_de_tresorerie_crypto_qui_maintiennent_le_cap\">Les entreprises de tr\u00e9sorerie crypto qui maintiennent le cap<\/span><\/h2>\n<p>La situation actuelle donne raison aux analystes qui avertissaient quant aux <a href=\"https:\/\/icobench.com\/fr\/news\/entreprises-tresorerie-qualification-plombe-prix\/\" rel=\"\">entreprises de tr\u00e9sorerie<\/a>. Certes, elles peuvent \u00eatre <strong>une fondation robuste pour les actifs qu\u2019elles accumulent<\/strong>. Mais, ce sont surtout des v\u00e9hicules d\u2019investissement pour lesquels la performance de l\u2019action est la priorit\u00e9.<\/p>\n<p>Il faut toutefois pr\u00e9ciser que certaines entreprises de tr\u00e9sorerie sortent du lot. Il s\u2019agit essentiellement de <a href=\"https:\/\/icobench.com\/fr\/news\/strategy-saylor-porte-fruits-28-mds-t3\/\" rel=\"\">Strategy qui accumule du Bitcoin<\/a> et de <a href=\"https:\/\/icobench.com\/fr\/news\/bitmine-supply-ethereum-dangereux\/\" rel=\"\">Bitmine Immersion Tech qui accumule de l\u2019Ethereum<\/a>.<\/p>\n<p>L\u2019une comme l\u2019autre se sont \u00e9rig\u00e9es en <strong>mod\u00e8les de la strat\u00e9gie d\u2019accumulation d\u2019actifs num\u00e9riques<\/strong>. Et, contrairement \u00e0 d\u2019autres entreprises de tr\u00e9sorerie, leurs strat\u00e9gies vont au-del\u00e0 de la simple accumulation circonstancielle.<\/p>\n<p>Strategy a d\u00e9j\u00e0 captur\u00e9 <strong>plus de 3 % de l\u2019offre totale de BTC<\/strong>. Pour sa part, Bitmine souhaite devenir un des piliers de la blockchain et en <strong>influencer le d\u00e9veloppement d\u2019Ethereum \u00e0 long terme<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apr\u00e8s de longues semaines de stagnation ponctu\u00e9es par un crash des cryptos, les entreprises de tr\u00e9sorerie commencent \u00e0 \u00e9prouver&#8230;<\/p>\n","protected":false},"author":224,"featured_media":14259,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-14257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Entreprises de tr\u00e9sorerie : le crash fait \u00e9clater la bulle 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