Vault-13

STRATEGY INC MSTR 0.625 03.15.30

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

37 institutional holders +2 vs Q1 2026
175175 shares reported held*
$790.3mreported value*
9 new 9 added 14 reduced 8 sold out net sold ≈ $22.3m (-11.0m 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 ≈ $4516054.59. Options: 0 managers hold calls (— notional), 1 hold puts ($782.5k).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q1 25: 30Q2 25: 31Q3 25: 33Q4 25: 35Q1 26: 35Q2 26: 3737Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q1 202530
Q2 202531
Q3 202533
Q4 202535
Q1 202635
Q2 202637

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q2 25: 13 bought or addedQ2 25: 13 cut or sold outQ2 25Q3 25: 14 bought or addedQ3 25: 15 cut or sold outQ3 25Q4 25: 13 bought or addedQ4 25: 17 cut or sold outQ4 25Q1 26: 12 bought or addedQ1 26: 16 cut or sold outQ1 26Q2 26: 18 bought or addedQ2 26: 22 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q2 20251313
Q3 20251415
Q4 20251317
Q1 20261216
Q2 20261822

Calls vs puts

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

CallsPuts
$0$250k$500k$750k$1mQ3 25 calls: $294.0kQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $297.2kQ4 25 puts: $0Q4 25P/C 0.00Q1 26 calls: $100.9kQ1 26 puts: $882.6kQ1 26P/C 8.75Q2 26 calls: $0Q2 26 puts: $782.5kQ2 26P/C —
Numbers
QuarterCallsPutsP/C
Q3 2025$294.0k$00.00
Q4 2025$297.2k$00.00
Q1 2026$100.9k$882.6k8.75
Q2 2026$0$782.5k—

Biggest buyers

Weiss Asset Management LP Added +107,967,000+108.0m
BANK OF MONTREAL /CAN/ New +25,000,000+25.0m
SUSQUEHANNA ADVISORS GROUP, INC. Added +14,500,000+14.5m
WOLVERINE ASSET MANAGEMENT LLC Added +12,500,000+12.5m
ROYAL BANK OF CANADA New +9,820,000+9.8m
Linden Advisors LP Added +8,722,000+8.7m
Lombard Odier Asset Management (Europe) Ltd New +7,400,000+7.4m
BlackRock, Inc. Added +6,100,000+6.1m
STATE STREET CORP Added +3,400,000+3.4m
Verition Fund Management LLC New +2,500,000+2.5m

Biggest sellers

Point72 Asset Management, L.P. Reduced -42,500,000-42.5m
D. E. Shaw & Co., Inc. Reduced -30,000,000-30.0m
Cable Car Capital, LP Reduced -26,265,000-26.3m
Sculptor Capital LP Reduced -22,500,000-22.5m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Sold out -15,892,000-15.9m
Balyasny Asset Management L.P. Sold out -11,000,000-11.0m
CAPSTONE INVESTMENT ADVISORS, LLC Sold out -10,000,000-10.0m
Mint Tower Capital Management B.V. Sold out -10,000,000-10.0m
Elliott Investment Management L.P. Sold out -10,000,000-10.0m
HBK INVESTMENTS L P Sold out -5,107,000-5.1m

Biggest calls

None

Biggest puts

DEUTSCHE BANK AG\ Unchanged $782.5k769.0k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Linden Advisors LP 1.01% of their portfolio New York, NY 191,162,000191.2m $195.3m $195.3m 1.01% Added +8.7m +8,722,000
2 Weiss Asset Management LP 2.04% of their portfolio BOSTON, MA 177,857,000177.9m $181.9m $181.9m 2.04% Added +108.0m +107,967,000
3 WOLVERINE ASSET MANAGEMENT LLC 0.67% of their portfolio CHICAGO, IL 50,699,00050.7m $51.6m $51.6m 0.67% Added +12.5m +12,500,000
4 SUSQUEHANNA ADVISORS GROUP, INC. 0.01% of their portfolio BALA CYNWYD, PA 30,150,00030.1m $306.6k $306.6k 0.01% Added +14.5m +14,500,000
5 TENOR CAPITAL MANAGEMENT Co., L.P. 0.43% of their portfolio NEW YORK, NY 30,000,00030.0m $30.8m $30.8m 0.43% Unchanged
6 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 25,000,00025.0m $59.5m $59.5m 0.02% New
7 Calamos Advisors LLC 0.08% of their portfolio NAPERVILLE, IL 21,000,00021.0m $21.5m $21.5m 0.08% Reduced -5.0m -5,000,000
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 19,385,00019.4m $19.8m $19.8m 0.00% Added +3.4m +3,400,000
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 18,850,00018.9m $19.2m $19.2m 0.00% Added +6.1m +6,100,000
10 Sculptor Capital LP 0.19% of their portfolio New York, NY 17,500,00017.5m $17.9m $17.9m 0.19% Reduced -22.5m -22,500,000
11 Cable Car Capital, LP 0.76% of their portfolio SAN FRANCISCO, CA 16,935,00016.9m $17.4m $17.4m 0.76% Reduced -26.3m -26,265,000
12 Jump Financial, LLC 0.14% of their portfolio Chicago, IL 15,500,00015.5m $15.8m $15.8m 0.14% Reduced -4.2m -4,198,000
13 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 14,000,00014.0m $14.3m $14.3m 0.01% Reduced -30.0m -30,000,000
14 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 9,820,0009.8m $10.0m $10.0m 0.00% New
15 FMR LLC 0.00% of their portfolio BOSTON, MA 8,765,0008.8m $8.9m $8.9m 0.00% Reduced -80.0k -80,000
16 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 7,500,0007.5m $7.7m $7.7m 0.01% Reduced -42.5m -42,500,000
17 Lombard Odier Asset Management (Europe) Ltd 0.32% of their portfolio LONDON, X0 7,400,0007.4m $7.6m $7.6m 0.32% New
18 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 5,000,0005.0m $5.1m $5.1m 0.00% Reduced -5.0m -5,000,000
19 Verition Fund Management LLC 0.02% of their portfolio GREENWICH, CT 2,500,0002.5m $2.6m $2.6m 0.02% New
20 Man Group plc 0.00% of their portfolio LONDON, X0 2,350,0002.4m $2.4m $2.4m 0.00% Added +450.0k +450,000
21 Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio FRANKFURT AM MAIN, 2M 1,058,0001.1m $1.1m $1.1m 0.00% Reduced -780.0k -780,000
22 ADVENT CAPITAL MANAGEMENT /DE/ 0.02% of their portfolio NEW YORK, NY 1,029,0001.0m $1.1m $1.1m 0.02% Added +64.0k +64,000
23 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 1,000,0001.0m $1.0m $1.0m 0.00% New
24 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 774,000774.0k $787.5k $787.5k 0.00% Reduced -36.0k -36,000
25 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 700,000700.0k $716.3k $716.3k 0.00% New
26 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 425,000425.0k $434.2k $434.2k 0.00% Reduced -100.0k -100,000
27 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 400,000400.0k $40.1m $40.1m 0.02% Added +200.0k +200,000
28 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 180,000180.0k $184.4k $184.4k 0.00% New
29 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 177,000177.0k $1.8k $1.8k 0.00% Unchanged
30 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 166,000166.0k $169.4k $169.4k 0.00% New
31 Virtus Fixed Income Advisers, LLC 0.06% of their portfolio HARTFORD, CT 101,000101.0k $102.8k $102.8k 0.06% New
32 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 62,00062.0k $63.0k $63.0k 0.00% Reduced -1.9m -1,910,000
33 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 50,00050.0k $51.2k $51.2k 0.00% Reduced -375.0k -375,000
34 Shaolin Capital Management LLC 2.70% of their portfolio Miami, FL 46,50046.5k $47.7m $47.7m 2.70% Reduced -18.5k -18,500
35 VIRTUS ADVISERS, LLC 0.01% of their portfolio HARTFORD, CT 23,00023.0k $23.4k $23.4k 0.01% Unchanged
36 K2 PRINCIPAL FUND, L.P. 0.66% of their portfolio TORONTO, A6 7,0007.0k $7.2m $7.2m 0.66% Unchanged
37 ODDO BHF ASSET MANAGEMENT SAS 0.01% of their portfolio PARIS, I0 175175 $178.9k $178.9k 0.01% Not comparable