Vault-13

MICROSTRATEGY INC MSTR 0.75 12.15.25

NOTE 0.750%12/1 · US DOMESTIC · CUSIP 594972AC5

44 institutional holders -6 vs Q4 2023
19,958,00020.0m shares reported held*
$2.8bnreported value*
12 new 15 added 11 reduced 18 sold out net bought ≈ $144.2m (-7.5m 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 ($4.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $139.54.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 39Q4 22: 34Q1 23: 38Q2 23: 38Q3 23: 44Q4 23: 50Q1 24: 4444Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202239
Q4 202234
Q1 202338
Q2 202338
Q3 202344
Q4 202350
Q1 202444

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 10 bought or addedQ4 22: 17 cut or sold outQ4 22Q1 23: 22 bought or addedQ1 23: 15 cut or sold outQ1 23Q2 23: 16 bought or addedQ2 23: 16 cut or sold outQ2 23Q3 23: 20 bought or addedQ3 23: 12 cut or sold outQ3 23Q4 23: 19 bought or addedQ4 23: 23 cut or sold outQ4 23Q1 24: 27 bought or addedQ1 24: 29 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20221017
Q1 20232215
Q2 20231616
Q3 20232012
Q4 20231923
Q1 20242729

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$20m$40m$60mQ2 23 calls: $0Q2 23 puts: $54.5mQ2 23P/C —Q3 23 calls: $0Q3 23 puts: $0Q3 23P/C —Q4 23 calls: $0Q4 23 puts: $0Q4 23P/C —Q1 24 calls: $0Q1 24 puts: $0Q1 24P/C —
Numbers
QuarterCallsPutsP/C
Q2 2023$0$54.5m—
Q3 2023$0$0—
Q4 2023$0$0—
Q1 2024$0$0—

Biggest buyers

Linden Advisors LP Added +85,205,000+85.2m
Shaolin Capital Management LLC Added +47,350,000+47.4m
Elliott Investment Management L.P. Added +29,900,000+29.9m
DLD Asset Management, LP Added +26,150,000+26.1m
Balyasny Asset Management L.P. New +21,500,000+21.5m
MILLENNIUM MANAGEMENT LLC Added +21,014,000+21.0m
FMR LLC Added +15,680,000+15.7m
JPMORGAN CHASE & CO New +7,408,000+7.4m
BOOTHBAY FUND MANAGEMENT, LLC Added +4,504,000+4.5m
Verition Fund Management LLC Added +4,126,310+4.1m

Biggest sellers

Graham Capital Management, L.P. Reduced -72,087,000-72.1m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -52,300,000-52.3m
VOYA INVESTMENT MANAGEMENT LLC Sold out -22,790,000-22.8m
III Capital Management Sold out -20,013,000-20.0m
Context Capital Management, LLC Reduced -18,052,263-18.1m
Mint Tower Capital Management B.V. Sold out -10,000,000-10.0m
BANK OF NOVA SCOTIA Sold out -9,656,951-9.7m
WHITEBOX ADVISORS LLC Reduced -5,000,000-5.0m
JANE STREET GROUP, LLC Reduced -4,825,000-4.8m
SSI INVESTMENT MANAGEMENT LLC Reduced -4,818,000-4.8m

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 5.20% of their portfolio New York, NY 152,976,000153.0m $656.2m $656.2m 5.20% Added +85.2m +85,205,000
2 WHITEBOX ADVISORS LLC 9.22% of their portfolio MINNEAPOLIS, MN 56,600,00056.6m $242.5m $242.5m 9.22% Reduced -5.0m -5,000,000
3 Graham Capital Management, L.P. 6.88% of their portfolio ROWAYTON, CT 56,366,00056.4m $241.8m $241.8m 6.88% Reduced -72.1m -72,087,000
4 Shaolin Capital Management LLC 7.81% of their portfolio Miami, FL 50,850,00050.9m $218.1m $218.1m 7.81% Added +47.4m +47,350,000
5 Elliott Investment Management L.P. 1.79% of their portfolio WEST PALM BEACH, FL 41,900,00041.9m $179.6m $179.6m 1.79% Added +29.9m +29,900,000
6 CITADEL ADVISORS LLC 0.15% of their portfolio MIAMI, FL 36,000,00036.0m $154.5m $154.5m 0.15% Added +1.8m +1,779,000
7 DLD Asset Management, LP 23.50% of their portfolio NEW YORK, NY 31,750,00031.8m $136.3m $136.3m 23.50% Added +26.1m +26,150,000
8 SOROS FUND MANAGEMENT LLC 3.12% of their portfolio NEW YORK, NY 31,292,00031.3m $134.2m $134.2m 3.12% Unchanged
9 MILLENNIUM MANAGEMENT LLC 0.11% of their portfolio NEW YORK, NY 31,014,00031.0m $133.1m $133.1m 0.11% Added +21.0m +21,014,000
10 LMR Partners LLP 2.58% of their portfolio LONDON, X0 23,500,00023.5m $100.8m $100.8m 2.58% Added +2.0m +2,000,000
11 FMR LLC 0.01% of their portfolio BOSTON, MA 21,680,00021.7m $92.9m $92.9m 0.01% Added +15.7m +15,680,000
12 Balyasny Asset Management L.P. 0.24% of their portfolio Chicago, IL 21,500,00021.5m $92.4m $92.4m 0.24% New
13 JANUS HENDERSON GROUP PLC 0.04% of their portfolio LONDON, X0 15,814,00015.8m $67.9m $67.9m 0.04% Reduced -4.4m -4,400,000
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 14,060,00014.1m $60.7m $60.7m 0.00% Added +60.0k +60,000
15 Walleye Capital LLC 0.40% of their portfolio NEW YORK, NY 8,500,0008.5m $36.5m $36.5m 0.40% Added +2.5m +2,500,000
16 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 7,408,0007.4m $32.1m $32.1m 0.00% New
17 BOOTHBAY FUND MANAGEMENT, LLC 0.81% of their portfolio NEW YORK, NY 6,749,0006.7m $29.0m $29.0m 0.81% Added +4.5m +4,504,000
18 BlackRock Inc. 0.00% of their portfolio New York, NY 5,050,0005.0m $21.6m $21.6m 0.00% Added +175.0k +175,000
19 Warberg Asset Management LLC 4.62% of their portfolio WINNETKA, IL 4,588,0004.6m $19.6m $19.6m 4.62% Added +338.0k +338,000
20 Verition Fund Management LLC 0.17% of their portfolio GREENWICH, CT 4,128,0004.1m $17.7m $17.7m 0.17% Added +4.1m +4,126,310
21 DeepCurrents Investment Group LLC 0.31% of their portfolio NEW YORK, NY 4,025,0004.0m $7.5m $7.5m 0.31% Reduced -2.0m -2,000,000
22 CAPSTONE INVESTMENT ADVISORS, LLC 0.25% of their portfolio NEW YORK, NY 3,110,0003.1m $13.4m $13.4m 0.25% Reduced -3.0m -3,000,000
23 Miller Value Partners, LLC 7.26% of their portfolio SARASOTA, FL 2,650,0002.6m $11.4m $11.4m 7.26% Reduced -450.0k -450,000
24 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 2,450,0002.5m $10.5m $10.5m 0.02% New
25 Lombard Odier Asset Management (Europe) Ltd 0.57% of their portfolio LONDON, X0 2,051,0002.1m $9.0m $9.0m 0.57% New
26 Skaana Management L.P. 2.37% of their portfolio BROOKLYN, NY 2,000,0002.0m $8.7m $8.7m 2.37% Reduced -1.5m -1,492,000
27 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 1,700,0001.7m $7.4m $7.4m 0.00% New
28 Pinpoint Asset Management Ltd 0.69% of their portfolio HONG KONG, K3 1,000,0001.0m $4.3m $4.3m 0.69% Unchanged
29 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 522,000522.0k $2.2m $2.2m 0.00% New
30 Pinnacle Holdings, LLC 0.86% of their portfolio TULSA, OK 500,000500.0k $2.1m $2.1m 0.86% New
31 Jefferies Financial Group Inc. 0.04% of their portfolio NEW YORK, NY 484,000484.0k $2.1m $2.1m 0.04% New
32 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 350,000350.0k $271.7k $271.7k 0.00% New
33 SSI INVESTMENT MANAGEMENT LLC 0.10% of their portfolio Los Angeles, CA 297,000297.0k $1.3m $1.3m 0.10% Reduced -4.8m -4,818,000
34 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 200,000200.0k $867.5k $867.5k 0.00% Unchanged
35 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 199,000199.0k $868.8k $868.8k 0.00% New
36 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 175,000175.0k $766.2k $766.2k 0.00% Reduced -4.8m -4,825,000
37 Calamos Advisors LLC 0.00% of their portfolio NAPERVILLE, IL 166,000166.0k $714.0k $714.0k 0.00% Added +107.0k +107,000
38 AGF MANAGEMENT LTD 0.00% of their portfolio TORONTO, A6 125,000125.0k $535.6k $535.6k 0.00% Reduced -775.0k -775,000
39 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 49,00049.0k $213.9k $213.9k 0.00% New
40 J.W. COLE ADVISORS, INC. 0.00% of their portfolio TAMPA, FL 19,00019.0k $81.4k $81.4k 0.00% Unchanged
41 AdvisorNet Financial, Inc 0.01% of their portfolio MINNETONKA, MN 19,00019.0k $82.9k $82.9k 0.01% Unchanged
42 Virtus Investment Advisers, LLC 0.02% of their portfolio HARTFORD, CT 8,0008.0k $34.3k $34.3k 0.02% New
43 Context Capital Management, LLC 1.58% of their portfolio LAJOLLA, CA 7,7377.7k $33.2m $33.2m 1.58% Reduced -18.1m -18,052,263
44 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged