Vault-13

STRATEGY INC MSTR 0.625 03.15.30

NOTE 0.625% 3/1 · US DOMESTIC · CUSIP 594972AJ0

31 institutional holders +1 vs Q1 2025
105,000105.0k shares reported held*
$2.0bnreported value*
6 new 7 added 8 reduced 5 sold out net bought ≈ $41.9m (+5.0k 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 ≈ $18673.63.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

02040Q1 25: 30Q2 25: 3131Q1 25Q2 25
Numbers
QuarterHolders
Q1 202530
Q2 202531

Biggest buyers

Cable Car Capital, LP New +43,200,000+43.2m
Sculptor Capital LP New +27,500,000+27.5m
FMR LLC Added +22,031,000+22.0m
Mint Tower Capital Management B.V. Added +20,000,000+20.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +15,000,000+15.0m
SUSQUEHANNA ADVISORS GROUP, INC. Added +8,612,000+8.6m
Linden Advisors LP Added +6,700,000+6.7m
STATE STREET CORP Added +3,335,000+3.3m
BANK OF AMERICA CORP /DE/ New +1,370,000+1.4m
BANK OF NOVA SCOTIA Added +1,000,000+1.0m

Biggest sellers

LMR Partners LLP Sold out -50,500,000-50.5m
Point72 Asset Management, L.P. Reduced -37,500,000-37.5m
HBK INVESTMENTS L P Reduced -16,002,000-16.0m
MILLENNIUM MANAGEMENT LLC Reduced -6,250,000-6.2m
LORD, ABBETT & CO. LLC Sold out -6,094,000-6.1m
CSS LLC/IL Sold out -5,700,000-5.7m
GOLDMAN SACHS GROUP INC Sold out -2,730,000-2.7m
BlackRock, Inc. Reduced -750,000-750.0k
JANE STREET GROUP, LLC Reduced -143,000-143.0k
Universal- Beteiligungs- und Servicegesellschaft mbH Reduced -99,000-99.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 4.70% of their portfolio New York, NY 274,640,000274.6m $764.9m $764.9m 4.70% Added +6.7m +6,700,000
2 SUSQUEHANNA ADVISORS GROUP, INC. 0.11% of their portfolio BALA CYNWYD, PA 98,352,00098.4m $2.7m $2.7m 0.11% Added +8.6m +8,612,000
3 FMR LLC 0.01% of their portfolio BOSTON, MA 86,402,00086.4m $240.2m $240.2m 0.01% Added +22.0m +22,031,000
4 Calamos Advisors LLC 0.57% of their portfolio NAPERVILLE, IL 48,066,00048.1m $133.7m $133.7m 0.57% Reduced -17.0k -17,000
5 Cable Car Capital, LP 51.67% of their portfolio SAN FRANCISCO, CA 43,200,00043.2m $119.4m $119.4m 51.67% New
6 WOLVERINE ASSET MANAGEMENT LLC 1.82% of their portfolio CHICAGO, IL 39,199,00039.2m $109.0m $109.0m 1.82% Unchanged
7 TENOR CAPITAL MANAGEMENT Co., L.P. 1.13% of their portfolio NEW YORK, NY 30,000,00030.0m $83.6m $83.6m 1.13% Added +15.0m +15,000,000
8 Sculptor Capital LP 1.24% of their portfolio New York, NY 27,500,00027.5m $76.5m $76.5m 1.24% New
9 Mint Tower Capital Management B.V. 10.62% of their portfolio AMSTERDAM, P7 25,500,00025.5m $70.5m $70.5m 10.62% Added +20.0m +20,000,000
10 Point72 Asset Management, L.P. 0.16% of their portfolio STAMFORD, CT 25,000,00025.0m $69.6m $69.6m 0.16% Reduced -37.5m -37,500,000
11 HBK INVESTMENTS L P 0.95% of their portfolio DALLAS, TX 19,107,00019.1m $53.2m $53.2m 0.95% Reduced -16.0m -16,002,000
12 Elliott Investment Management L.P. 0.37% of their portfolio WEST PALM BEACH, FL 16,000,00016.0m $44.5m $44.5m 0.37% Unchanged
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 15,335,00015.3m $42.6m $42.6m 0.00% Added +3.3m +3,335,000
14 DeepCurrents Investment Group LLC 1.50% of their portfolio NEW YORK, NY 14,700,00014.7m $40.9m $40.9m 1.50% Unchanged
15 MARSHALL WACE, LLP 0.03% of their portfolio LONDON, X0 8,500,0008.5m $23.6m $23.6m 0.03% Unchanged
16 BlackRock, Inc. 0.00% of their portfolio New York, NY 7,750,0007.8m $21.5m $21.5m 0.00% Reduced -750.0k -750,000
17 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,196,0004.2m $11.7m $11.7m 0.00% Reduced -55.0k -55,000
18 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 3,750,0003.8m $10.5m $10.5m 0.01% Reduced -6.2m -6,250,000
19 BANK OF NOVA SCOTIA 0.02% of their portfolio TORONTO, A6 3,000,0003.0m $8.4m $8.4m 0.02% Added +1.0m +1,000,000
20 Radcliffe Capital Management, L.P. 0.53% of their portfolio BALA CYNWYD, PA 2,500,0002.5m $6.9m $6.9m 0.53% Unchanged
21 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,370,0001.4m $3.8m $3.8m 0.00% New
22 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 1,177,0001.2m $3.3m $3.3m 0.00% Unchanged
23 Jefferies Financial Group Inc. 0.03% of their portfolio NEW YORK, NY 650,000650.0k $1.8m $1.8m 0.03% New
24 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 595,000595.0k $1.7m $1.7m 0.00% Unchanged
25 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 588,000588.0k $1.6m $1.6m 0.00% Reduced -99.0k -99,000
26 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 100,000100.0k $278.6k $278.6k 0.00% Unchanged
27 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 87,00087.0k $242.4k $242.4k 0.00% New
28 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 50,00050.0k $138.1k $138.1k 0.00% Reduced -143.0k -143,000
29 VIRTUS ADVISERS, LLC 0.08% of their portfolio HARTFORD, CT 49,00049.0k $136.2k $136.2k 0.08% Unchanged
30 NATIXIS 0.07% of their portfolio PARIS, I0 5,0005.0k $13.7m $13.7m 0.07% New
31 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged