A MAIOR APOSTA EM BITCOIN DA HISTÓRIA VAI DESABAR EM 2026? | O caso Strategy (MSTR)

In April 2026, a company that sold corporate spreadsheet software became BlackRock and became the largest Bitcoin holder on the planet. Eight hundred and fifteen thousand bitcoins. More than sixty billion dollars. Its name is Strategy. And the guy behind it, Michael Saylor, had already gone bankrupt once in 2000, when he lost six billion dollars of his own fortune in a single day and became a symbol of the dot-com bubble burst. In this video I tell the complete story. How a forgotten company became a Bitcoin buying machine bigger than any bank. What business model did Saylor invent from scratch that dozens of companies around the world (including here in Brazil, with Méliuz and OranjeBTC) started to copy. And why in 2026 this machine gave the first sign that it might crash. You'll understand what mNAV is, the number that separates the only two possible interpretations of this story: either the greatest capital allocation move of the century, or a ticking time bomb. I'll dissect the flywheel, the inertia that allowed Strategy to multiply bitcoins per shareholder while the market paid three and a half times the value of the Bitcoin it held in its vault. I'll also show the four main risks of this thesis: leverage on a volatile asset, large investors betting against it (including Jim Chanos, the guy who predicted the Enron collapse), the S&P 500's refusal, and mNAV falling below one for the first time since the beginning of 2024. And the symbolic moment of May 2026, when Saylor sold Bitcoin for the first time to pay a dividend on a preferred share. We have conviction in Bitcoin's destiny. What this story teaches is that destiny and the path to it are very different things. If you want to see this type of movement before the crowd notices, that's exactly what we do every week at VAROS Academy. Our recommended portfolio in practice: which assets we're buying, at what price, and the complete thesis behind each one, including how we interpret assets linked to Bitcoin. ► Join VAROS Academy: https://varos.com.br/varos-academy?ut... CHAPTERS 00:00 - Introduction: Strategy surpasses BlackRock 01:33 - Who is Michael Saylor? 02:11 - The 2000 crash and the SEC siege 03:50 - Pandemic, stagnant cash, and the first Bitcoin purchase 05:30 - The Bitcoin treasury model and mNAV 06:40 - The flywheel and the fundraising arsenal 08:10 - Strategy becomes the largest institutional holder on the planet 09:55 - Copycats in the world and in Brazil 11:24 - Pineapple 1: the fixed account of Leverage 11:58 - Problem 2: Jim Chanos betting against 12:21 - Problem 3: The S&P 500's closed door 12:40 - Problem 4: mNAV breaking below 1 13:32 - The first Bitcoin sale and what it means for you #Bitcoin #MichaelSaylor #Strategy #MicroStrategy #MSTR #BTC #BlackRock #IBIT #BitcoinTreasury #mNAV #Meliuz #CASH3 #OranjeBTC #OBTC3 #Metaplanet #JimChanos #SemlerScientific #Nasdaq100 #SP500 #Winklevoss #ItauBBA #Crypto #Cryptocurrencies #Leverage #ConvertibleDebt #PreferredStocks #FundamentalAnalysis #BitcoinInvestment #StockMarket #Investments #FinancialMarket #BitcoinBrazil #FlywheelBitcoin #EnronChanos #VAROS #LukasMonken