Strategy CEO Phong Le said 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. According to BeInCrypto, Le said investors borrowed against Bitcoin at about 6% to buy STRC for its 12% yield, and forced selling pushed the stock below $100. Strategy began buybacks in late July and now holds about $5.1 billion in reserves.