{"id":18598,"date":"2026-06-30T18:17:03","date_gmt":"2026-06-30T18:17:03","guid":{"rendered":"https:\/\/icobench.com\/fr\/?p=18598"},"modified":"2026-06-29T15:18:10","modified_gmt":"2026-06-29T15:18:10","slug":"bitcoin-michael-saylor-et-strategy-face-a-un-defi-de-13-md","status":"publish","type":"post","link":"https:\/\/icobench.com\/fr\/news\/bitcoin-michael-saylor-et-strategy-face-a-un-defi-de-13-md\/","title":{"rendered":"Bitcoin : Michael Saylor et Strategy face \u00e0 un d\u00e9fi de 13 Md$"},"content":{"rendered":"<p>Michael Saylor a publi\u00e9 dimanche sur X le graphique de suivi des acquisitions de Bitcoin de Strategy, accompagn\u00e9 de la l\u00e9gende \u00ab Nous allons avoir besoin de plus de graphiques \u00bb.<\/p>\r\n<p>Ce message constitue son signal habituel indiquant qu\u2019un formulaire 8-K, divulguant un nouvel achat de BTC, est imminent pour le lundi.<\/p>\r\n<p>Cette annonce intervient pr\u00e9cis\u00e9ment alors que la valeur nette d\u2019inventaire de l\u2019entreprise (mNAV) est tomb\u00e9e sous la barre de 1 pour la premi\u00e8re fois. Cela signifie que le march\u00e9 valorise d\u00e9sormais la soci\u00e9t\u00e9 \u00e0 un montant inf\u00e9rieur \u00e0 celui des Bitcoins institutionnels qu\u2019elle d\u00e9tient en tr\u00e9sorerie.<\/p>\r\n<p><\/p><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Strategy holds over $51,000,000,000,000 <a href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer\">$BTC<\/a>.<br><br>But the company itself is now valued at just $29.5 billion.<br><br>For years, investors treated <a href=\"https:\/\/x.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer\">$MSTR<\/a> like a leveraged Bitcoin ETF.<br><br>The model was simple:<br><br>Issue more shares \u2192 Buy more Bitcoin \u2192 BTC goes higher \u2192 Investors keep paying a\u2026<\/p>\u2014 Ted (@TedPillows) <a href=\"https:\/\/x.com\/TedPillows\/status\/2070856646679498898?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer\">June 27, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\r\n<p>L\u2019action ordinaire MSTR a cl\u00f4tur\u00e9 vendredi \u00e0 environ 82 $, son niveau le plus bas depuis f\u00e9vrier 2024, tandis que l\u2019action privil\u00e9gi\u00e9e STRC a chut\u00e9 \u00e0 un plancher historique proche de 71 $, contre une valeur nominale de 100 $.<\/p>\r\n<p>La question cruciale que le march\u00e9 doit maintenant trancher est de savoir si ce quatri\u00e8me signal d\u2019achat hebdomadaire cons\u00e9cutif de Saylor marque le point bas d\u2019un cycle d\u2019accumulation dict\u00e9 par la conviction, ou le point d\u2019inflexion o\u00f9 le mod\u00e8le de financement se fracture sous le poids de son propre effet de levier.<\/p>\r\n<h2><span id=\"michael_saylor_et_le_graphique_a_points_orange_ce_que_cela_signifie\">Michael Saylor et le graphique \u00e0 points orange : ce que cela signifie<\/span><\/h2>\r\n<p><\/p><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">We\u2019re gonna need more charts. <a href=\"https:\/\/t.co\/xVASOEnSw8\" target=\"_blank\" rel=\"noopener noreferrer\">pic.twitter.com\/xVASOEnSw8<\/a><\/p>\u2014 Michael Saylor (@saylor) <a href=\"https:\/\/x.com\/saylor\/status\/2071191288129433925?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer\">June 28, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\r\n<p>Le contexte renforce consid\u00e9rablement le signal brut observ\u00e9 dans les publications de Saylor les 7 et 21 juin, lesquelles avaient pr\u00e9c\u00e9d\u00e9 des achats confirm\u00e9s de BTC le lundi suivant. Ce sch\u00e9ma sugg\u00e8re une fonction m\u00e9canique o\u00f9 le graphique sert de divulgation anticip\u00e9e, r\u00e9duisant ainsi l\u2019\u00e9cart d\u2019information entre les achats effectifs et les d\u00e9p\u00f4ts r\u00e9glementaires.<\/p>\r\n<p>Auparavant, la firme de Saylor maintenait une prime sur sa mNAV, refl\u00e9tant la confiance du march\u00e9 dans sa strat\u00e9gie d\u2019accumulation de BTC. Cependant, cette prime s\u2019est \u00e9vapor\u00e9e, la mNAV \u00e9tant d\u00e9sormais inf\u00e9rieure \u00e0 1. Cette situation rend toute \u00e9mission d\u2019actions pour de nouveaux achats dilutive, car les nouvelles actions \u00e9mises \u00e0 un prix inf\u00e9rieur \u00e0 la valeur du BTC n\u2019augmentent pas la valeur nette d\u2019inventaire par action.<\/p>\r\n<p>En cons\u00e9quence, la d\u00e9cote de STRC et la faiblesse des actions MSTR pourraient entraver la capacit\u00e9 de Saylor \u00e0 maintenir des achats hebdomadaires \u00e0 grande \u00e9chelle. Julio Moreno, de CryptoQuant, a conseill\u00e9 le 23 juin \u00e0 Strategy de suspendre ses achats pour se concentrer sur la reconstitution de ses r\u00e9serves de tr\u00e9sorerie.<\/p>\r\n<h2><span id=\"realite_du_bilan_13_md_de_pertes_latentes_et_un_cycle_de_financement_sous_pression\">R\u00e9alit\u00e9 du bilan : 13 Md$ de pertes latentes et un cycle de financement sous pression<\/span><\/h2>\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/icobench.com\/fr\/wp-content\/uploads\/sites\/5\/2026\/06\/content-img-1-51.jpg\" alt=\"\"><\/figure>\r\n\r\n<p>(<a href=\"https:\/\/www.coingecko.com\/en\/treasuries\/companies\/strategy\" target=\"_blank\" rel=\"noopener noreferrer\">SOURCE : CoinGecko<\/a>)<\/p>\r\n<p>Michael Saylor et sa soci\u00e9t\u00e9 Strategy d\u00e9tiennent 847 363 BTC \u00e0 un prix de revient moyen d\u2019environ 75 646 $ par unit\u00e9, soit un total de pr\u00e8s de 64,1 Md$. Avec un cours du BTC avoisinant les 60 000 $ \u2014 des niveaux in\u00e9dits depuis octobre 2024 \u2014 la valeur actuelle du portefeuille est d\u2019environ 50,8 Md$, entra\u00eenant une perte non r\u00e9alis\u00e9e de pr\u00e8s de 13 Md$.<\/p>\r\n<p>Le 22 juin, Strategy a r\u00e9v\u00e9l\u00e9 l\u2019achat de 520 BTC pour environ 35 M$, financ\u00e9 int\u00e9gralement par la vente d\u2019actions ordinaires de classe A. Au cours de la m\u00eame semaine, l\u2019entreprise a augment\u00e9 ses r\u00e9serves de dollars de 300 M$ pour atteindre 1,4 Md$.<\/p>\r\n<p>Cela sugg\u00e8re une prise de conscience croissante des contraintes de liquidit\u00e9 : les obligations annuelles li\u00e9es aux dividendes ont grimp\u00e9 \u00e0 environ 1,2 Md$, tandis que la couverture de STRC est pass\u00e9e de plus de sept ans \u00e0 environ 14 mois. Moreno estime que Strategy a besoin d\u2019environ 2,8 Md$ de r\u00e9serves pour restaurer deux ans de couverture STRC.<\/p>\r\n<p>Block Research souligne que les actions ordinaires MSTR se situent derri\u00e8re environ 6,7 Md$ de dette convertible et 15,5 Md$ d\u2019actions privil\u00e9gi\u00e9es perp\u00e9tuelles, pla\u00e7ant les actionnaires ordinaires en dernier rang. Brad Garlinghouse, PDG de Ripple, a comment\u00e9 que l\u2019\u00e9quipe de Saylor ne priorise pas les bons probl\u00e8mes, citant la d\u00e9cote de STRC comme la preuve d\u2019une ing\u00e9nierie financi\u00e8re d\u00e9faillante.<\/p>\r\n<h2><span id=\"hausse_stagnation_ou_chute_trois_scenarios_pour_strategy_alors_que_le_btc_teste_les_60_000\">Hausse, stagnation ou chute : trois sc\u00e9narios pour Strategy alors que le BTC teste les 60 000 $<\/span><\/h2>\r\n<p><\/p><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Every time <a href=\"https:\/\/x.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer\">$BTC<\/a> closed 2 red 6 month candles in a row, it was followed by a 3-year uptrend.<br><br>2nd red 6M BTC candle closes in 2 days.<br><br>Everybody know what that means. <a href=\"https:\/\/t.co\/lz4uTuFltH\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/t.co\/lz4uTuFltH<\/a> <a href=\"https:\/\/t.co\/1CzDXJ1XR0\" target=\"_blank\" rel=\"noopener noreferrer\">pic.twitter.com\/1CzDXJ1XR0<\/a><\/p>\u2014 \ud835\uddf0\ud835\ude06\ud835\uddf0\ud835\uddf9\ud835\uddfc\ud835\uddfd (@nobrainflip) <a href=\"https:\/\/x.com\/nobrainflip\/status\/2071213289410097663?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer\">June 28, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\r\n<ul>\r\n<li><strong>Sc\u00e9nario haussier :<\/strong> Le prix du BTC repasse au-dessus de 75 646 $, r\u00e9tablissant le seuil de rentabilit\u00e9 de Strategy et faisant remonter la mNAV au-dessus de 1. Le titre STRC se stabilise vers sa valeur nominale de 100 $, le programme d\u2019\u00e9mission d\u2019actions (ATM) redevient viable, et le cycle d\u2019accumulation reprend sa trajectoire initiale.<\/li>\r\n<li><strong>Sc\u00e9nario de base :<\/strong> Le BTC consolide entre 58 000 $ et 68 000 $, laissant la tr\u00e9sorerie en perte et la mNAV d\u00e9prim\u00e9e. Strategy poursuit ses achats hebdomadaires avec des volumes r\u00e9duits, tout en puisant dans sa r\u00e9serve de 1,4 Md$ pour verser les dividendes STRC. Le mod\u00e8le survit mais avec une flexibilit\u00e9 financi\u00e8re limit\u00e9e.<\/li>\r\n<li><strong>Sc\u00e9nario baissier \/ invalidation :<\/strong> Le BTC chute sous les 55 000 $, portant les pertes latentes au-del\u00e0 de 17 Md$ et r\u00e9duisant la couverture STRC \u00e0 moins de 12 mois. L\u2019\u00e9mission d\u2019actions devient impossible, for\u00e7ant Strategy \u00e0 liquider des BTC pour honorer ses 1,2 Md$ de dividendes annuels \u2014 le point de rupture structurel identifi\u00e9 par CryptoQuant.<\/li>\r\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Michael Saylor signale un nouvel achat de Bitcoin alors que Strategy affiche 13 milliards de dollars de pertes latentes et un mNAV sous la barre de 1.<\/p>\n","protected":false},"author":158,"featured_media":18595,"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-18598","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>Bitcoin : Michael Saylor 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