Strategy CEO explains 25% STRC drop as leverage unwind

• —STRC, a $9.3 billion preferred issue, fell 25% to about $75 in late June, now near $99
• —Investors borrowed against bitcoin at 6% to earn STRC's 12% dividend yield
• —Strategy has been buying back STRC since late July, with a $5.1 billion cash reserve covering about three years of dividends
• —Institutional ownership of STRC rose to 30% from 20%; next dividend payable Oct. 15