Vault-13

STRATEGY INC MSTR 8 PERP

SERIES A PERP PF · PUBLIC · CUSIP 594972887

86 institutional holders -8 vs Q3 2025
7,144,7147.1m shares reported held*
$563.4mreported value*
12 new 31 added 24 reduced 22 sold out net sold ≈ $13.9m (-209.8k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $78.85.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 25: 57Q2 25: 87Q3 25: 94Q4 25: 8686Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 202557
Q2 202587
Q3 202594
Q4 202586

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q2 25: 68 bought or addedQ2 25: 18 cut or sold outQ2 25Q3 25: 63 bought or addedQ3 25: 31 cut or sold outQ3 25Q4 25: 43 bought or addedQ4 25: 46 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 20256818
Q3 20256331
Q4 20254346

Biggest buyers

Kovack Advisors, Inc. New +182,079+182.1k
INFRASTRUCTURE CAPITAL ADVISORS, LLC New +139,204+139.2k
ParaFi Capital LP Added +138,878+138.9k
Calamos Advisors LLC Added +50,000+50.0k
BlackRock, Inc. Added +41,200+41.2k
Pasadena Private Wealth, LLC New +37,164+37.2k
Greenland Capital Management LP Added +30,000+30.0k
VAN ECK ASSOCIATES CORP Added +29,564+29.6k
MERCER GLOBAL ADVISORS INC /ADV New +23,843+23.8k
JANE STREET GROUP, LLC New +17,335+17.3k

Biggest sellers

FMR LLC Reduced -262,216-262.2k
Hudson Bay Capital Management LP Sold out -212,231-212.2k
Alpine Global Management, LLC Sold out -129,238-129.2k
Invesco Ltd. Sold out -71,000-71.0k
HARTLINE INVESTMENT CORP/ Sold out -62,813-62.8k
MILLENNIUM MANAGEMENT LLC Sold out -32,600-32.6k
Uniplan Investment Counsel, Inc. Sold out -22,814-22.8k
CRCM LP Sold out -22,784-22.8k
MORGAN STANLEY Reduced -20,839-20.8k
MADDEN SECURITIES Corp Sold out -19,800-19.8k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital International Investors 0.03% of their portfolio Los Angeles, CA 2,092,4002.1m $164.8m $164.8m 0.03% Added +8.8k +8,800
2 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,062,7481.1m $83.7m $83.7m 0.00% Added +41.2k +41,200
3 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 636,284636.3k $50.1m $50.1m 0.01% Unchanged
4 VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio ATLANTA, GA 625,000625.0k $49.2m $49.2m 0.05% Unchanged
5 VAN ECK ASSOCIATES CORP 0.03% of their portfolio NEW YORK, NY 419,669419.7k $33.1m $33.1m 0.03% Added +29.6k +29,564
6 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 258,356258.4k $20.3m $20.3m 0.01% Added +9.4k +9,444
7 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio CAUSEWAY BAY, K3 241,068241.1k $19.0m $19.0m 0.03% Reduced -624 -624
8 ParaFi Capital LP 4.42% of their portfolio NEW YORK, NY 200,378200.4k $15.8m $15.8m 4.42% Added +138.9k +138,878
9 Calamos Advisors LLC 0.06% of their portfolio NAPERVILLE, IL 200,000200.0k $15.8m $15.8m 0.06% Added +50.0k +50,000
10 Kovack Advisors, Inc. 0.68% of their portfolio FT. LAUDERDALE, FL 182,079182.1k $14.3m $14.3m 0.68% New
11 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 165,000165.0k $13.5m $13.5m 0.00% Reduced -8.0k -8,000
12 INFRASTRUCTURE CAPITAL ADVISORS, LLC 1.21% of their portfolio New York, NY 139,204139.2k $11.0m $11.0m 1.21% New
13 FMR LLC 0.00% of their portfolio BOSTON, MA 135,600135.6k $10.7m $10.7m 0.00% Reduced -262.2k -262,216
14 ADVENT CAPITAL MANAGEMENT /DE/ 0.19% of their portfolio NEW YORK, NY 105,738105.7k $8.4m $8.4m 0.19% Added +12.5k +12,500
15 Aspiring Ventures, LLC 2.32% of their portfolio CINCINNATI, OH 83,13083.1k $6.5m $6.5m 2.32% Added +10.6k +10,605
16 Greenland Capital Management LP 0.80% of their portfolio NEW YORK, NY 70,00070.0k $5.5m $5.5m 0.80% Added +30.0k +30,000
17 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 46,29546.3k $3.6m $3.6m 0.00% Reduced -20.8k -20,839
18 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 45,65345.7k $3.6m $3.6m 0.00% Reduced -8.4k -8,355
19 Pasadena Private Wealth, LLC 0.40% of their portfolio PASADENA, CA 37,16437.2k $2.9m $2.9m 0.40% New
20 NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio MONTREAL, A8 32,72432.7k $2.6m $2.6m 0.00% Added +9.0k +8,965
21 Ionic Capital Management LLC 2.24% of their portfolio NEW YORK, NY 28,77228.8k $2.3m $2.3m 2.24% Reduced -13.4k -13,437
22 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 26,30026.3k $2.1m $2.1m 0.00% Added +8.0k +7,987
23 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 23,84323.8k $1.9m $1.9m 0.00% New
24 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 22,03722.0k $1.7m $1.7m 0.00% Added +4.5k +4,540
25 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 19,73319.7k $1.6m $1.6m 0.00% Reduced -15.0k -14,961
26 Steward Partners Investment Advisory, LLC 0.01% of their portfolio STAMFORD, CT 17,87517.9k $1.4m $1.4m 0.01% Reduced -1.5k -1,460
27 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 17,49717.5k $1.4m $1.4m 0.00% Reduced -322 -322
28 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 17,33517.3k $1.4m $1.4m 0.00% New
29 Wealthcare Advisory Partners LLC 0.03% of their portfolio WEST CHESTER, PA 17,21617.2k $1.4m $1.4m 0.03% Added +3.1k +3,123
30 Sentinel Dome Partners, LLC 0.86% of their portfolio BURLINGAME, CA 16,00016.0k $1.3m $1.3m 0.86% First filing
31 WEDBUSH SECURITIES INC 0.03% of their portfolio PASADENA, CA 14,49914.5k $1.1m $1.1m 0.03% Added +229 +229
32 INDEPENDENT FINANCIAL GROUP, LLC 0.02% of their portfolio SAN DIEGO, CA 12,67012.7k $997.9k $997.9k 0.02% Reduced -563 -563
33 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.02% of their portfolio CHICAGO, IL 9,5009.5k $751.1k $751.1k 0.02% Unchanged
34 Ewing Morris & Co. Investment Partners Ltd. 0.33% of their portfolio TORONTO, Z4 9,4929.5k $756.8k $756.8k 0.33% Added +251 +251
35 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 9,3009.3k $732.5k $732.5k 0.00% New
36 Beaird Harris Wealth Management, LLC 0.03% of their portfolio DALLAS, TX 6,3366.3k $499.0k $499.0k 0.03% Unchanged
37 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 5,9906.0k $471.8k $471.8k 0.00% Reduced -504 -504
38 Independent Advisor Alliance 0.01% of their portfolio CHARLOTTE, NC 5,8405.8k $459.9k $459.9k 0.01% Added +303 +303
39 NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio NEW YORK, NY 5,0005.0k $393.8k $393.8k 0.00% Unchanged
40 Apollon Wealth Management, LLC 0.01% of their portfolio MOUNT PLEASANT, SC 5,0005.0k $393.8k $393.8k 0.01% Reduced -12.2k -12,250
41 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 4,8324.8k $399.8k $399.8k 0.00% Reduced -1.1k -1,065
42 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 4,5494.5k $358.0k $358.0k 0.00% Added +1.3k +1,313
43 Marex Group Ltd 0.00% of their portfolio London, X0 4,4004.4k $346.5k $346.5k 0.00% Added +725 +725
44 CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio RALEIGH, NC 4,3914.4k $345.8k $345.8k 0.00% Added +1.5k +1,536
45 Ulland Investment Advisors, LLC 0.26% of their portfolio MINNEAPOLIS, MN 4,0754.1k $321.0k $321.0k 0.26% Unchanged
46 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 4,0504.0k $309.1k $309.1k 0.00% New
47 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 3,8443.8k $302.7k $302.7k 0.00% Reduced -1.0k -1,029
48 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 3,7053.7k $291.8k $291.8k 0.00% Added +3.5k +3,505
49 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,7003.7k $291.4k $291.4k 0.00% Added +250 +250
50 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 3,4463.4k $271.4k $271.4k 0.00% New
51 SSI INVESTMENT MANAGEMENT LLC 0.02% of their portfolio Los Angeles, CA 3,4453.4k $275.6k $275.6k 0.02% Unchanged
52 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 3,2103.2k $252.8k $252.8k 0.00% Reduced -3.4k -3,365
53 KESTRA PRIVATE WEALTH SERVICES, LLC 0.00% of their portfolio AUSTIN, TX 3,0863.1k $243.1k $243.1k 0.00% Reduced -1.8k -1,836
54 Fiduciary Alliance LLC 0.02% of their portfolio GREENVILLE, SC 2,9973.0k $236.0k $236.0k 0.02% Added +197 +197
55 Avantax Planning Partners, Inc. 0.01% of their portfolio DUBUQUE, IA 2,9533.0k $232.6k $232.6k 0.01% Unchanged
56 WOLVERINE ASSET MANAGEMENT LLC 0.00% of their portfolio CHICAGO, IL 2,9162.9k $233.4k $233.4k 0.00% Reduced -5.8k -5,800
57 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 2,8002.8k $220.5k $220.5k 0.01% Unchanged
58 Sovran Advisors, LLC 0.02% of their portfolio SAN DIEGO, CA 2,5792.6k $225.4k $225.4k 0.02% Reduced -836 -836
59 Marathon Trading Investment Management LLC 0.02% of their portfolio RADNOR, PA 2,1002.1k $165.4k $165.4k 0.02% New
60 Aptus Capital Advisors, LLC 0.00% of their portfolio FAIRHOPE, AL 1,2601.3k $99.2k $99.2k 0.00% Added +3 +3
61 Global Retirement Partners, LLC 0.00% of their portfolio San Rafael, CA 1,0001.0k $78.8k $78.8k 0.00% Added +500 +500
62 Ascentis Wealth Management, LLC 0.02% of their portfolio DALLAS, TX 938938 $73.9k $73.9k 0.02% Unchanged
63 CWM, LLC 0.00% of their portfolio OMAHA, NE 895895 $71.0k $71.0k 0.00% Added +12 +12
64 HARBOUR INVESTMENTS, INC. 0.00% of their portfolio MADISON, WI 875875 $68.9k $68.9k 0.00% Reduced -2.1k -2,084
65 Moisand Fitzgerald Tamayo, LLC 0.01% of their portfolio ORLANDO, FL 673673 $53.0k $53.0k 0.01% Added +16 +16
66 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 672672 $52.9k $52.9k 0.00% Added +472 +472
67 Costello Asset Management, INC 0.01% of their portfolio FEASTERVILLE, PA 500500 $39.4k $39.4k 0.01% Unchanged
68 VIRTUS ADVISERS, LLC 0.01% of their portfolio HARTFORD, CT 400400 $31.6k $31.6k 0.01% Unchanged
69 VISION FINANCIAL MARKETS LLC 0.03% of their portfolio STAMFORD, CT 366366 $28.8k $28.8k 0.03% Added +1 +1
70 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 301301 $23.7k $23.7k 0.00% Added +74 +74
71 Truvestments Capital LLC 0.00% of their portfolio SARASOTA, FL 300300 $23.6k $23.6k 0.00% Unchanged
72 Golden State Wealth Management, LLC 0.00% of their portfolio SANTA ANA, CA 243243 $19.1k $19.1k 0.00% Reduced -24 -24
73 Activest Wealth Management 0.00% of their portfolio AVENTURA, FL 205205 $16.1k $16.1k 0.00% Unchanged
74 Physician Wealth Advisors, Inc. 0.00% of their portfolio MIDVALE, UT 157157 $12.4k $12.4k 0.00% Unchanged
75 EQ WEALTH ADVISORS, LLC 0.01% of their portfolio DALLAS, TX 151151 $11.9k $11.9k 0.01% New
76 Farther Finance Advisors, LLC 0.00% of their portfolio SAN FRANCISCO, CA 105105 $8.3k $8.3k 0.00% Reduced -100 -100
77 Sound Income Strategies, LLC 0.00% of their portfolio FT LAUDERDALE, FL 9292 $8.0k $8.0k 0.00% Added +63 +63
78 UBS Group AG 0.00% of their portfolio ZURICH, V8 5757 $4.5k $4.5k 0.00% Reduced -856 -856
79 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4747 $4.0k $4.0k 0.00% Unchanged
80 Triumph Capital Management 0.00% of their portfolio DENVER, CO 3030 $2.4k $2.4k 0.00% New
81 Ankerstar Wealth, LLC 0.00% of their portfolio LEANDER, TX 2424 $1.9k $1.9k 0.00% First filing
82 Legacy Wealth Managment, LLC/ID 0.00% of their portfolio BOISE, ID 2222 $1.7k $1.7k 0.00% Unchanged
83 COMERICA BANK 0.00% of their portfolio DALLAS, TX 2121 $1.7k $1.7k 0.00% Reduced -1.1k -1,080
84 Asset Dedication, LLC 0.00% of their portfolio SAN FRANCISCO, CA 1313 $1.0k $1.0k 0.00% New
85 Strategic Advocates LLC 0.00% of their portfolio SACRAMENTO, CA 66 $488 $488 0.00% Added +2 +2
86 Atlantic Union Bankshares Corp 0.00% of their portfolio GLEN ALLEN, VA 55 $394 $394 0.00% Reduced -110 -110