Strateji CEO'su Phong Le, STRC'nin % 25 'lik Çöküşünün Ardındaki Tek Hatayı Açıkladı

Strategy CEO Phong Le Reveals the One Mistake Behind STRC's 25% Collapse

Lockridge Okoth

Wed, September 23, 2026 at 2:00 AM GMT+3 2 min read

• MSTR -3.07%
• BTC-USD -2.43%

Strategy CEO Phong Le says the company underestimated how much borrowed money would flow into STRC, its $9.3 billion preferred stock that lost a quarter of its value this summer.

STRC pays a 12% annual dividend and is built to trade near its $100 face value. It sank to about $75 in late June and now trades at $99.

How Borrowed Money Sank STRC Below $100

Le explained the selloff in an interview with Natalie Brunell. He said STRC's calm price invited investors to borrow against their Bitcoin (BTC) at about 6% to collect STRC's 12% yield.

When Bitcoin fell, those loans came under pressure. Holders had to post more Bitcoin or sell STRC, Le said, and that forced selling drove the price lower.

"We did not expect the amount of leverage that came into the system," Le explained.

Le said traders later bought STRC between $75 and $90, and that he bought some himself.

Why Strategy Chose Buybacks Over a Higher Dividend

In late June, Strategy set out a framework with a cash reserve, buyback authorizations, and a plan to sell Bitcoin when needed. It began repurchasing STRC in late July.

Le said earlier dividend increases toward 12% did not lift the price. A higher payout would also drain cash and weigh on common shareholders, he said. Buybacks shrink future dividend bills instead.

Strategy's dollar reserve now holds about $5.1 billion, which Le said covers roughly three years of dividends. That money can only pay preferred dividends and interest on Strategy's convertible debt.

What It Means for MSTR Shareholders

Strategy funds the latest STRC buybacks through sales of its common stock (MSTR) and, potentially, Bitcoin. Le said 95% of his pay is tied to MSTR's share price and urged holders to think in three-year periods.

Le said institutions now own about 30% of STRC, up from 20%. He expects the stock to return to $100 as long-term holders replace leveraged traders.

$STRC is a passenger jet. $BTC is a fighter jet. $MSTR is a rocket ship. Buckle up," Le said in a recent post.

STRC's next dividend goes to holders of record on September 30, with payment due October 15, according to Strategy.

Read the Original story Strategy CEO Phong Le Reveals the One Mistake Behind STRC's 25% Collapse by Lockridge Okoth at beincrypto.com