Un fonds stratégique déverse près de 109 millions de dollars dans son ultime achat de BTC de 2025
Un coup de poker en fin d'année. Alors que les marchés traditionnels s'engourdissent, un fonds d'investissement fait un mouvement massif sur le Bitcoin, juste avant le tournant de l'année.
Le timing est tout.
Cette acquisition finale, d'une valeur avoisinant les 109 millions de dollars, intervient à un moment charnière. Elle clôture l'exercice 2025 sur une note audacieuse, envoyant un signal fort aux marchés. Une manœuvre qui contraste avec la prudence habituelle de fin d'année, où les gestionnaires préfèrent souvent verrouiller leurs performances—ou leurs pertes.
Une stratégie qui interroge.
Est-ce une simple consolidation de position ou le prélude à une vision plus agressive pour 2026 ? L'ampleur de la transaction suggère une conviction solide, déployée sans attendre les traditionnelles résolutions de janvier. Peut-être une tentative d'anticiper un réveil haussier post-fêtes, ou simplement le dernier achat d'une stratégie d'accumulation méthodique.
Dans le monde de la finance traditionnelle, on parlerait de 'window dressing'—d'embellissement de bilan. Ici, c'est un pari en dur, en crypto-actif. Un rappel que tandis que certains ajustent leurs graphiques Excel, d'autres ajustent leurs portefeuilles avec des actifs réels. La clôture de l'année ne se fête pas qu'au champagne, parfois, elle s'achète en Bitcoin.
Strategy was the main BTC buyer in 2025
Strategy remains the main buyer for 2025, though smaller companies are also growing their treasuries. For the past year, entering the top 100 of treasury companies has become a harder milestone, initially requiring as low as 23 BTC. At the end of 2025, the smallest corporate treasury holds 148 BTC.
Companies keep acquiring BTC sporadically or through mining. Strategy and 17 other buyers are still attempting to apply the playbook with stock sales and debt to buy BTC. In total, companies accumulated 1,089,345 BTC close to the end of 2025, with more buying plans for the coming year.
Saylor used MSTR common stock again
Strategy continues to issue MSTR common stock, despite the ongoing fears of dilution. To complete the latest sale, it issued an additional 663,450 MSTR shares.
In the past few weeks, MSTR stayed away from issuing new convertible notes. The company tries to balance its obligations, including upcoming dividends and maturing debt. Despite some appetite for passive income, Strategy has slowed down its preferred share sales, abandoning the various risk tiers of preferred stocks.
As a result, MSTR trades close to its 12-month low again. MSTR sank to $158.44, up from a recent low of $154.12. The common stock holds a market cap just above $49B, while the BTC reserves of Strategy are still valued at over $58B.
The current BTC price of just above $88,000 has not translated into a higher price for MSTR. The playbook requirement for the common stock was to allow dilution only at a higher valuation.
The playbook would work better with an MSTR price around $379, but the common stock has not traded at a premium for months. As of December, the BTC reserves of Strategy were more valuable than the market capitalization of MSTR.
The common stock has acted as a BTC gains multiplier in the past. However, even at the lower range, Strategy has shown its conviction in buying more BTC despite the dilution. The company has positioned itself for long-term BTC growth, with the potential to survive a bear market or sideways trading.
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