{"id":6983,"date":"2026-06-14T12:17:00","date_gmt":"2026-06-14T12:17:00","guid":{"rendered":"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/14\/michael-saylor-introduit-le-cebe-bps-comme-nouvelle-mesure-de-risque-pour-les-reserves-de-bitcoin\/"},"modified":"2026-06-14T12:17:00","modified_gmt":"2026-06-14T12:17:00","slug":"michael-saylor-introduit-le-cebe-bps-comme-nouvelle-mesure-de-risque-pour-les-reserves-de-bitcoin","status":"publish","type":"post","link":"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/14\/michael-saylor-introduit-le-cebe-bps-comme-nouvelle-mesure-de-risque-pour-les-reserves-de-bitcoin\/","title":{"rendered":"Michael Saylor introduit le CEBE BPS comme nouvelle mesure de risque pour les r\u00e9serves de Bitcoin."},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">CEBE BPS mesure l&rsquo;exposition au Bitcoin apr\u00e8s les cr\u00e9ances de dettes et d&rsquo;actions privil\u00e9gi\u00e9es.<\/span><\/em><\/li>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">Strategy a augment\u00e9 ses avoirs en Bitcoin malgr\u00e9 les discussions sur le financement et la liquidit\u00e9.<\/span><\/em><\/li>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">La dur\u00e9e des passifs modifie la mani\u00e8re dont les entreprises mesurent l&rsquo;exposition au risque de tr\u00e9sorerie en Bitcoin.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Michael Saylor, fondateur et pr\u00e9sident de Strategy, a introduit le CEBE BPS comme une nouvelle mesure du risque de tr\u00e9sorerie en Bitcoin pour les entreprises d\u00e9tenant du Bitcoin dans leurs bilans. Cette mise \u00e0 jour a s\u00e9par\u00e9 l&rsquo;exposition \u00e0 la croissance de l&rsquo;exposition au Bitcoin ajust\u00e9e des passifs dans les structures de tr\u00e9sorerie. Parall\u00e8lement, l&rsquo;annonce a intensifi\u00e9 les discussions autour des <\/span><a href=\"https:\/\/www.livebitcoinnews.com\/strategy-rolls-out-new-atm-programs-to-boost-bitcoin-treasury\/\"><span style=\"font-weight: 400\">strat\u00e9gies de tr\u00e9sorerie en Bitcoin<\/span><\/a><span style=\"font-weight: 400\"> et de la gestion des risques pour les actionnaires.<\/span><\/p>\n<h2><b>CEBE BPS s\u00e9pare l&rsquo;exposition au risque des mesures de croissance<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Michael Saylor a <\/span><a href=\"https:\/\/x.com\/saylor\/status\/2066069710689444235?s=20\"><span style=\"font-weight: 400\">expliqu\u00e9<\/span><\/a><span style=\"font-weight: 400\"> que le CEBE BPS (Common Equity Bitcoin Exposure BPS) mesure l&rsquo;exposition au Bitcoin apr\u00e8s que les obligations de dettes et d&rsquo;actions privil\u00e9gi\u00e9es r\u00e9duisent les cr\u00e9ances des actionnaires.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Parall\u00e8lement, le Bitcoin par action (BPS) suit l&rsquo;exposition au Bitcoin avant que les cr\u00e9ances senior n&rsquo;affectent les positions en actions ordinaires. Cette distinction a plac\u00e9 le risque de tr\u00e9sorerie en Bitcoin et la croissance des actionnaires dans des cat\u00e9gories comptables distinctes.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Saylor a d\u00e9clar\u00e9 que les entreprises de tr\u00e9sorerie en Bitcoin n\u00e9cessitent plusieurs mesures car les passifs peuvent fausser les calculs directs d&rsquo;exposition au Bitcoin. Par cons\u00e9quent, le CEBE BPS fournit une mesure conservatrice li\u00e9e \u00e0 la valeur r\u00e9siduelle pour les actionnaires apr\u00e8s les obligations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Dans le m\u00eame temps, le BPS refl\u00e8te une croissance plus large des actions ordinaires li\u00e9e aux strat\u00e9gies d&rsquo;accumulation de Bitcoin.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BPS measures Bitcoin per common share before senior claims. CEBE BPS measures Bitcoin per common share after senior claims. CEBE is the conservative risk metric. BPS is the common equity growth metric. BTC Yield measures BPS execution.<\/p>\n<p>&mdash; Michael Saylor (@saylor) <a href=\"https:\/\/x.com\/saylor\/status\/2066069710689444235?ref_src=twsrc%5Etfw\">June 14, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">La discussion a \u00e9galement introduit l&rsquo;amplification comme la diff\u00e9rence entre le BPS et le CEBE BPS dans les structures de tr\u00e9sorerie \u00e0 effet de levier. Saylor a not\u00e9 que les entreprises sans dette montreraient une exposition au Bitcoin presque identique sous les deux mesures. Cependant, les entreprises utilisant des passifs pourraient soit surperformer soit sous-performer le Bitcoin en fonction des co\u00fbts de financement et des structures d&rsquo;\u00e9ch\u00e9ance.<\/span><\/p>\n<h2><b>Strategy \u00e9largit le cadre de tr\u00e9sorerie en Bitcoin au milieu de l&rsquo;attention du march\u00e9<\/b><\/h2>\n<p><span style=\"font-weight: 400\">La discussion sur la tr\u00e9sorerie en Bitcoin est survenue alors que l&rsquo;attention se tournait vers Strategy et sa structure de bilan. R\u00e9cemment, l&rsquo;entreprise a vendu 32 BTC et lev\u00e9 pr\u00e8s de 2,5 millions de dollars lors d&rsquo;ajustements de portefeuille.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bien que le montant soit rest\u00e9 limit\u00e9, la transaction a raviv\u00e9 l&rsquo;attention sur la gestion de la liquidit\u00e9 et les obligations de financement.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Strategy a ensuite \u00e9largi sa position en Bitcoin apr\u00e8s avoir lev\u00e9 environ 181 millions de dollars gr\u00e2ce \u00e0 des ventes d&rsquo;actions MSTR. Par cons\u00e9quent, l&rsquo;entreprise a <\/span><a href=\"https:\/\/www.livebitcoinnews.com\/saylors-strategy-buys-1550-btc-holdings-hit-845256\/\"><span style=\"font-weight: 400\">acquis 1 550 BTC<\/span><\/a><span style=\"font-weight: 400\"> et port\u00e9 ses avoirs totaux \u00e0 845 256 BTC. Cette d\u00e9cision a renforc\u00e9 l&rsquo;approche \u00e0 long terme de Strategy en mati\u00e8re de tr\u00e9sorerie en Bitcoin malgr\u00e9 la r\u00e9cente volatilit\u00e9 du march\u00e9 et la pression sur le financement.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Saylor a \u00e9galement soutenu que la dur\u00e9e des passifs modifie la mani\u00e8re dont les analystes interpr\u00e8tent l&rsquo;exposition \u00e0 la tr\u00e9sorerie en Bitcoin sous les calculs du CEBE BPS. Les obligations \u00e0 court terme augmentent l&rsquo;importance des mesures d&rsquo;exposition conservatrices car la pression de remboursement reste imm\u00e9diate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Parall\u00e8lement, des passifs plus longs peuvent renforcer le potentiel de hausse pour les actionnaires si l&rsquo;appr\u00e9ciation du Bitcoin d\u00e9passe les co\u00fbts de financement et de dividendes.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Le march\u00e9 plus large des crypto-monnaies continue d&rsquo;explorer des mesures de tr\u00e9sorerie standardis\u00e9es alors que l&rsquo;adoption institutionnelle du Bitcoin s&rsquo;\u00e9tend parmi les entreprises cot\u00e9es. Par cons\u00e9quent, le CEBE BPS pourrait devenir un point de r\u00e9f\u00e9rence pour comparer les structures de tr\u00e9sorerie en Bitcoin entre les soci\u00e9t\u00e9s cot\u00e9es. Ce cadre soutient \u00e9galement des normes de reporting plus claires \u00e0 mesure que les entreprises augmentent leurs allocations en Bitcoin dans leurs bilans d&rsquo;entreprise.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CEBE BPS mesure l&rsquo;exposition au Bitcoin apr\u00e8s les cr\u00e9ances de dettes et d&rsquo;actions privil\u00e9gi\u00e9es. Strategy a augment\u00e9 ses avoirs en Bitcoin malgr\u00e9 les discussions sur le financement et la liquidit\u00e9. La dur\u00e9e des passifs modifie la mani\u00e8re dont les entreprises mesurent l&rsquo;exposition au risque de tr\u00e9sorerie en Bitcoin. Michael Saylor, fondateur et pr\u00e9sident de Strategy, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":6982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7,12],"tags":[52,500,1092,56],"class_list":["post-6983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-market-news","tag-bitcoin","tag-bitcoin-treasury","tag-cebe-bps","tag-michael-saylor"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Michael Saylor introduit le CEBE BPS comme nouvelle mesure de risque pour les r\u00e9serves de Bitcoin. - France Live Bitcoin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/global.livebitcoinnews.com\/fr\/2026\/06\/14\/michael-saylor-introduit-le-cebe-bps-comme-nouvelle-mesure-de-risque-pour-les-reserves-de-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michael Saylor introduit le CEBE BPS comme nouvelle mesure de risque pour les r\u00e9serves de Bitcoin. - France Live Bitcoin News\" \/>\n<meta property=\"og:description\" content=\"CEBE BPS mesure l&rsquo;exposition au Bitcoin apr\u00e8s les cr\u00e9ances de dettes et d&rsquo;actions privil\u00e9gi\u00e9es. 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Strategy a augment\u00e9 ses avoirs en Bitcoin malgr\u00e9 les discussions sur le financement et la liquidit\u00e9. La dur\u00e9e des passifs modifie la mani\u00e8re dont les entreprises mesurent l&rsquo;exposition au risque de tr\u00e9sorerie en Bitcoin. 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