Les trésoreries Bitcoin marquent le pas au T4, mais les plus grands détenteurs continuent d'accumuler des sats

cointelegraphPublished on 2025-12-11Last updated on 2025-12-11

Abstract

L'adoption de Bitcoin en tant que trésorerie d'entreprise a fortement ralenti au quatrième trimestre 2025, avec seulement neuf nouvelles entreprises ajoutant du BTC à leur bilan, contre 53 au trimestre précédent. Selon CryptoQuant, 117 entreprises ont adopté Bitcoin cette année, mais la plupart détiennent de petits montants. Cependant, les plus grands détenteurs continuent d'accumuler activement. Par exemple, Strategy, le plus grand détenteur corporatif, a acheté pour 962 millions de dollars de BTC. Au total, les entreprises publiques détiennent plus d'un million de Bitcoin (4,7% de l'offre), et les ETF spot en détiennent 1,49 million (7%). Parallèlement, les acquisitions de trésorerie d'actifs numériques (DAT) ralentissent également, avec une chute de 81% des investissements en Ether sur trois mois.

L'adoption du Bitcoin en trésorerie a considérablement ralenti au quatrième trimestre 2025, même si les plus grandes entreprises détentrices ont continué à ajouter discrètement à leurs réserves tandis que les acteurs plus petits se retiraient.

Le nombre de nouvelles entreprises ajoutant du Bitcoin à leur trésorerie est passé de son pic de 53 sociétés au troisième trimestre à seulement neuf entreprises ajoutant du Bitcoin à leur bilan au quatrième trimestre 2025 jusqu'à présent, avec un total de 117 nouvelles entreprises ayant adopté le Bitcoin cette année, selon la plateforme de données blockchain CryptoQuant.

« Malgré la croissance en nombre durant 2025, la plupart des entreprises à trésorerie Bitcoin détiennent des montants relativement faibles », a écrit CryptoQuant dans un post X jeudi.

Néanmoins, les données d'accumulation montrent que les trésoreries d'entreprise les plus riches continuent d'acquérir l'offre de Bitcoin malgré un déclin des achats par les petites entreprises et les participants particuliers.

*Nouvelles entreprises à trésorerie Bitcoin par mois, graphique année 2025 à ce jour. Source :* *CryptoQuant*

Certaines entreprises à trésorerie Bitcoin ont cessé d'accumuler ce trimestre. La société d'investissement japonaise Metaplanet, par exemple, n'a acheté aucun Bitcoin depuis plus de deux mois.

Certaines entreprises vendent même leurs réserves de Bitcoin. La société technologique britannique axée sur le Bitcoin, Satsuma Technology, a vendu 579 Bitcoin pour environ 53 millions de dollars, laissant l'entreprise avec 620 Bitcoin à son bilan, selon une annonce mercredi.

Lire aussi : Le Bitcoin stagne à 90 000 $ alors que les baleines profitent du repli de l'Ethereum : Finance Redefined

Les plus grands détenteurs corporatifs poursuivent leur accumulation discrète de Bitcoin

Malgré le ralentissement général, certaines des plus grandes entreprises continuent d'acquérir davantage de l'offre de Bitcoin.

Strategy, le plus grand détenteur corporatif de Bitcoin, a acheté pour 962 millions de dollars de BTC lundi, lors de son plus gros achat depuis juillet. La société n'est plus qu'à 500 millions de dollars d'égaler les 21,97 milliards de dollars de Bitcoin acquis en 2024, selon CryptoQuant.

*Strategy, montant investi en dollars US. Source :* *CryptoQuant*

Plus d'un million de Bitcoin d'une valeur de 90,2 milliards de dollars sont déjà détenus dans les trésoreries de sociétés publiques, représentant 4,7 % de l'offre totale, selon les données de BitcoinTreasuries.NET.

1,49 million de Bitcoin supplémentaires, soit 7 % de l'offre, sont détenus par les fonds négociés en bourse (ETF) au comptant sur Bitcoin.

*Détentions de Bitcoin dans les trésoreries. Source : BitcoinTreasuries.NET*

Lire aussi : Des portefeuilles Bitcoin liés à Silk Road déplacent 3 M$ vers une nouvelle adresse

Les DAT ralentissent leurs achats de crypto alors que les investissements en trésorerie Ether chutent de 81 %

Les acquisitions de trésorerie d'actifs numériques (DAT) ralentissent également. Evernorth Holdings, soutenue par Ripple, est inactive depuis fin octobre, lorsqu'elle a acquis pour 950 millions de dollars de jetons XRP (XRP).

Les détentions de XRP d'Evernorth faisaient face à près de 80 millions de dollars de pertes non réalisées quelques semaines après les achats, suite au déclin du marché et à la pression croissante sur les DAT.

BitMine Immersion Technologies, le plus grand détenteur corporatif d'Ether (ETH), a également ralenti ses acquisitions d'Ether ces derniers mois, passant d'un pic de 2,6 milliards de dollars en juillet à seulement 296 millions de dollars d'ETH en décembre.

Les investissements cumulés des entreprises à trésorerie Ether ont chuté de 81 % au cours des trois derniers mois, passant de 1,97 million d'ETH acquis en août à 370 000 ETH en novembre.

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