Vault-13

MICROSTRATEGY INC MSTR 0 02.15.27

NOTE 2/1 · US DOMESTIC · CUSIP 594972AE1

56 institutional holders +14 vs Q4 2023
19,178,26619.2m shares reported held*
$1.5bnreported value*
24 new 14 added 12 reduced 10 sold out net bought ≈ $20.8m (+8.3m 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 ($1.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $76.03.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 41Q4 22: 36Q1 23: 39Q2 23: 38Q3 23: 41Q4 23: 42Q1 24: 5656Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 202241
Q4 202236
Q1 202339
Q2 202338
Q3 202341
Q4 202342
Q1 202456

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: 15 cut or sold outQ4 22Q1 23: 19 bought or addedQ1 23: 15 cut or sold outQ1 23Q2 23: 11 bought or addedQ2 23: 15 cut or sold outQ2 23Q3 23: 17 bought or addedQ3 23: 14 cut or sold outQ3 23Q4 23: 22 bought or addedQ4 23: 9 cut or sold outQ4 23Q1 24: 38 bought or addedQ1 24: 22 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20221015
Q1 20231915
Q2 20231115
Q3 20231714
Q4 2023229
Q1 20243822

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5mQ2 23 calls: $0Q2 23 puts: $1.1mQ2 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$1.1m—
Q3 2023$0$0—
Q4 2023$0$0—
Q1 2024$0$0—

Biggest buyers

Graham Capital Management, L.P. New +104,000,000+104.0m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +73,423,000+73.4m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Added +54,700,000+54.7m
LMR Partners LLP Added +41,000,000+41.0m
MILLENNIUM MANAGEMENT LLC New +38,801,000+38.8m
WHITEBOX ADVISORS LLC Added +32,420,000+32.4m
CITADEL ADVISORS LLC New +32,129,000+32.1m
Balyasny Asset Management L.P. New +27,500,000+27.5m
Nuveen Asset Management, LLC New +25,000,000+25.0m
Sculptor Capital LP New +24,957,000+25.0m

Biggest sellers

Fortress Investment Group LLC Sold out -286,328,000-286.3m
FMR LLC Reduced -61,270,000-61.3m
SOROS FUND MANAGEMENT LLC Reduced -47,735,000-47.7m
Context Capital Management, LLC Reduced -42,008,598-42.0m
ARISTEIA CAPITAL, L.L.C. Reduced -41,646,000-41.6m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -34,458,000-34.5m
VOYA INVESTMENT MANAGEMENT LLC Reduced -32,425,000-32.4m
OAKTREE CAPITAL MANAGEMENT LP Sold out -18,897,000-18.9m
MARSHALL WACE, LLP Reduced -17,000,000-17.0m
AVIVA PLC Reduced -15,230,000-15.2m

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Graham Capital Management, L.P. 4.05% of their portfolio ROWAYTON, CT 104,000,000104.0m $142.3m $142.3m 4.05% New
2 WHITEBOX ADVISORS LLC 5.34% of their portfolio MINNEAPOLIS, MN 103,220,000103.2m $140.5m $140.5m 5.34% Added +32.4m +32,420,000
3 SOROS FUND MANAGEMENT LLC 2.86% of their portfolio NEW YORK, NY 90,000,00090.0m $123.1m $123.1m 2.86% Reduced -47.7m -47,735,000
4 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.17% of their portfolio BALA CYNWYD, PA 83,630,00083.6m $114.1m $114.1m 0.17% Added +73.4m +73,423,000
5 HIGHBRIDGE CAPITAL MANAGEMENT LLC 3.51% of their portfolio NEW YORK, NY 60,000,00060.0m $82.0m $82.0m 3.51% Added +54.7m +54,700,000
6 LMR Partners LLP 1.99% of their portfolio LONDON, X0 57,000,00057.0m $78.0m $78.0m 1.99% Added +41.0m +41,000,000
7 VOYA INVESTMENT MANAGEMENT LLC 0.06% of their portfolio ATLANTA, GA 45,070,00045.1m $61.6m $61.6m 0.06% Reduced -32.4m -32,425,000
8 MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 38,801,00038.8m $53.0m $53.0m 0.05% New
9 Calamos Advisors LLC 0.23% of their portfolio NAPERVILLE, IL 34,723,00034.7m $47.5m $47.5m 0.23% Reduced -1.7m -1,657,000
10 CITADEL ADVISORS LLC 0.04% of their portfolio MIAMI, FL 32,129,00032.1m $43.9m $43.9m 0.04% New
11 Balyasny Asset Management L.P. 0.10% of their portfolio Chicago, IL 27,500,00027.5m $37.6m $37.6m 0.10% New
12 Point72 Asset Management, L.P. 0.10% of their portfolio STAMFORD, CT 25,500,00025.5m $35.0m $35.0m 0.10% Added +14.5m +14,500,000
13 Nuveen Asset Management, LLC 0.01% of their portfolio CHICAGO, IL 25,000,00025.0m $34.0m $34.0m 0.01% New
14 Sculptor Capital LP 0.75% of their portfolio New York, NY 24,957,00025.0m $34.1m $34.1m 0.75% New
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 23,972,00024.0m $32.7m $32.7m 0.00% Added +23.0m +22,980,000
16 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 22,575,00022.6m $30.9m $30.9m 0.00% Added +1.4m +1,400,000
17 Weiss Asset Management LP 1.44% of their portfolio BOSTON, MA 22,500,00022.5m $30.8m $30.8m 1.44% New
18 CSS LLC/IL 1.72% of their portfolio CHICAGO, IL 15,540,00015.5m $21.2m $21.2m 1.72% New
19 ADVENT CAPITAL MANAGEMENT /DE/ 0.52% of their portfolio NEW YORK, NY 15,049,00015.0m $20.6m $20.6m 0.52% Reduced -34.5m -34,458,000
20 SSI INVESTMENT MANAGEMENT LLC 1.48% of their portfolio Los Angeles, CA 14,431,00014.4m $19.6m $19.6m 1.48% Added +6.5m +6,511,000
21 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 13,774,00013.8m $18.8m $18.8m 0.03% New
22 FMR LLC 0.00% of their portfolio BOSTON, MA 13,720,00013.7m $18.7m $18.7m 0.00% Reduced -61.3m -61,270,000
23 MARSHALL WACE, LLP 0.03% of their portfolio LONDON, X0 13,000,00013.0m $17.8m $17.8m 0.03% Reduced -17.0m -17,000,000
24 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 10,262,00010.3m $14.0m $14.0m 0.00% Added +8.9m +8,856,000
25 Mint Tower Capital Management B.V. 5.00% of their portfolio AMSTERDAM, P7 10,042,00010.0m $13.7m $13.7m 5.00% New
26 LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 10,000,00010.0m $13.7m $13.7m 0.02% New
27 ARISTEIA CAPITAL, L.L.C. 0.53% of their portfolio GREENWICH, CT 9,124,0009.1m $12.5m $12.5m 0.53% Reduced -41.6m -41,646,000
28 BlackRock Inc. 0.00% of their portfolio New York, NY 8,300,0008.3m $11.3m $11.3m 0.00% Added +850.0k +850,000
29 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 7,550,0007.5m $10.3m $10.3m 0.00% New
30 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 5,795,0005.8m $8.0m $8.0m 0.01% New
31 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,000,0005.0m $6.8m $6.8m 0.00% Reduced -1.6m -1,577,000
32 Elliott Investment Management L.P. 0.07% of their portfolio WEST PALM BEACH, FL 5,000,0005.0m $6.8m $6.8m 0.07% Unchanged
33 Pinpoint Asset Management Ltd 1.10% of their portfolio HONG KONG, K3 5,000,0005.0m $6.8m $6.8m 1.10% Unchanged
34 DeepCurrents Investment Group LLC 0.18% of their portfolio NEW YORK, NY 4,000,0004.0m $4.3m $4.3m 0.18% Added +2.5m +2,500,000
35 Skaana Management L.P. 1.30% of their portfolio BROOKLYN, NY 3,500,0003.5m $4.8m $4.8m 1.30% New
36 Man Group plc 0.01% of their portfolio LONDON, X0 2,150,0002.1m $3.0m $3.0m 0.01% New
37 SHENKMAN CAPITAL MANAGEMENT INC 0.17% of their portfolio NEW YORK, NY 1,750,0001.8m $2.4m $2.4m 0.17% New
38 Verition Fund Management LLC 0.02% of their portfolio GREENWICH, CT 1,264,0001.3m $1.7m $1.7m 0.02% Added +1.3m +1,263,521
39 EDMOND DE ROTHSCHILD HOLDING S.A. 0.02% of their portfolio CHAMBESY, V8 1,005,0001.0m $1.4m $1.4m 0.02% New
40 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 750,000750.0k $1.0m $1.0m 0.00% Reduced -4.0m -4,050,000
41 Central Pacific Bank - Trust Division 0.11% of their portfolio HONOLULU, HI 683,000683.0k $906.6k $906.6k 0.11% First filing
42 AVIVA PLC 0.00% of their portfolio LONDON, X0 500,000500.0k $688.6k $688.6k 0.00% Reduced -15.2m -15,230,000
43 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $546.4k $546.4k 0.00% Unchanged
44 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 300,000300.0k $409.8k $409.8k 0.00% Reduced -200.0k -200,000
45 FIRST HAWAIIAN BANK 0.01% of their portfolio HONOLULU, HI 266,000266.0k $362.1k $362.1k 0.01% Added +133.0k +133,000
46 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 252,000252.0k $347.1k $347.1k 0.00% New
47 AQR Arbitrage LLC 0.01% of their portfolio Greenwich, CT 150,000150.0k $204.9k $204.9k 0.01% New
48 KBC Group NV 0.00% of their portfolio Brussels, C9 100,000100.0k $137.0k $137.0k 0.00% New
49 Context Capital Management, LLC 3.48% of their portfolio LAJOLLA, CA 53,40253.4k $73.0m $73.0m 3.48% Reduced -42.0m -42,008,598
50 Warberg Asset Management LLC 0.01% of their portfolio WINNETKA, IL 16,00016.0k $21.9k $21.9k 0.01% New
51 Virtus Investment Advisers, LLC 0.01% of their portfolio HARTFORD, CT 15,00015.0k $20.4k $20.4k 0.01% New
52 K2 PRINCIPAL FUND, L.P. 3.33% of their portfolio TORONTO, A6 10,20010.2k $14.0m $14.0m 3.33% Added +8.2k +8,200
53 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 6,0006.0k $8.2k $8.2k 0.00% New
54 NOMURA HOLDINGS INC 0.05% of their portfolio TOKYO, M0 3,8563.9k $6.6m $6.6m 0.05% New
55 Independent Family Office, LLC 0.38% of their portfolio ALBANY, NY 410410 $698.9k $698.9k 0.38% Unchanged
56 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged