Vault-13

STRATEGY INC MSTR 0.625 09.15.28

NOTE 0.625% 9/1 · US DOMESTIC · CUSIP 594972AQ4

37 institutional holders +0 vs Q1 2026
7,630,0007.6m shares reported held*
$1.0bnreported value*
10 new 10 added 9 reduced 10 sold out net bought ≈ $2.7m (+1.6m 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 ≈ $137.12.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q3 25: 32Q4 25: 33Q1 26: 37Q2 26: 3737Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q3 202532
Q4 202533
Q1 202637
Q2 202637

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 25: 16 bought or addedQ4 25: 16 cut or sold outQ4 25Q1 26: 21 bought or addedQ1 26: 14 cut or sold outQ1 26Q2 26: 20 bought or addedQ2 26: 19 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q4 20251616
Q1 20262114
Q2 20262019

Biggest buyers

D. E. Shaw & Co., Inc. Added +106,100,000+106.1m
WOLVERINE ASSET MANAGEMENT LLC Added +47,800,000+47.8m
Cable Car Capital, LP New +32,515,000+32.5m
Balyasny Asset Management L.P. Added +24,500,000+24.5m
HIGHBRIDGE CAPITAL MANAGEMENT LLC New +20,000,000+20.0m
STATE STREET CORP Added +5,925,000+5.9m
Jump Financial, LLC New +5,400,000+5.4m
BlackRock, Inc. Added +4,550,000+4.5m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Added +4,000,000+4.0m
Universal- Beteiligungs- und Servicegesellschaft mbH Added +2,450,000+2.5m

Biggest sellers

LMR Partners LLP Sold out -63,500,000-63.5m
Weiss Asset Management LP Reduced -54,655,000-54.7m
Hudson Bay Capital Management LP Reduced -25,700,000-25.7m
Sculptor Capital LP Sold out -25,000,000-25.0m
MILLENNIUM MANAGEMENT LLC Sold out -24,000,000-24.0m
TWO SIGMA INVESTMENTS, LP Reduced -22,500,000-22.5m
ARISTEIA CAPITAL, L.L.C. Sold out -12,000,000-12.0m
CITADEL ADVISORS LLC Reduced -7,000,000-7.0m
WHITEBOX ADVISORS LLC Reduced -6,200,000-6.2m
RWC Asset Management LLP Reduced -5,553,000-5.6m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.22% of their portfolio New York, NY 339,972,000340.0m $348.4m $348.4m 0.22% Added +106.1m +106,100,000
2 WOLVERINE ASSET MANAGEMENT LLC 2.40% of their portfolio CHICAGO, IL 180,135,000180.1m $183.9m $183.9m 2.40% Added +47.8m +47,800,000
3 Weiss Asset Management LP 1.15% of their portfolio BOSTON, MA 100,165,000100.2m $102.8m $102.8m 1.15% Reduced -54.7m -54,655,000
4 Balyasny Asset Management L.P. 0.16% of their portfolio Chicago, IL 86,254,00086.3m $88.5m $88.5m 0.16% Added +24.5m +24,500,000
5 DeepCurrents Investment Group LLC 1.74% of their portfolio NEW YORK, NY 49,655,00049.7m $50.8m $50.8m 1.74% Unchanged
6 WHITEBOX ADVISORS LLC 0.59% of their portfolio MINNEAPOLIS, MN 35,800,00035.8m $36.5m $36.5m 0.59% Reduced -6.2m -6,200,000
7 Cable Car Capital, LP 1.45% of their portfolio SAN FRANCISCO, CA 32,515,00032.5m $33.3m $33.3m 1.45% New
8 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 27,011,00027.0m $27.6m $27.6m 0.00% Added +5.9m +5,925,000
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 21,000,00021.0m $21.4m $21.4m 0.00% Added +4.5m +4,550,000
10 FMR LLC 0.00% of their portfolio BOSTON, MA 20,017,00020.0m $20.4m $20.4m 0.00% Added +35.0k +35,000
11 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.69% of their portfolio NEW YORK, NY 20,000,00020.0m $20.2m $20.2m 0.69% New
12 Hudson Bay Capital Management LP 0.06% of their portfolio STAMFORD, CT 12,492,00012.5m $12.8m $12.8m 0.06% Reduced -25.7m -25,700,000
13 Linden Advisors LP 0.06% of their portfolio New York, NY 10,843,00010.8m $11.1m $11.1m 0.06% Unchanged
14 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 9,000,0009.0m $9.2m $9.2m 0.01% Added +4.0m +4,000,000
15 Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio FRANKFURT AM MAIN, 2M 8,950,0008.9m $9.2m $9.2m 0.01% Added +2.5m +2,450,000
16 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 6,800,0006.8m $6.9m $6.9m 0.01% Reduced -22.5m -22,500,000
17 MIZUHO SECURITIES USA LLC 0.06% of their portfolio NEW YORK, NY 6,000,0006.0m $6.5m $6.5m 0.06% Unchanged
18 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 5,674,0005.7m $5.8m $5.8m 0.00% Reduced -1.8m -1,800,000
19 Jump Financial, LLC 0.05% of their portfolio Chicago, IL 5,400,0005.4m $5.5m $5.5m 0.05% New
20 RPO LLC 21.14% of their portfolio Stamford, CT 5,000,0005.0m $5.1m $5.1m 21.14% Unchanged
21 Greenland Capital Management LP 0.97% of their portfolio NEW YORK, NY 5,000,0005.0m $5.1m $5.1m 0.97% Unchanged
22 BOOTHBAY FUND MANAGEMENT, LLC 0.07% of their portfolio NEW YORK, NY 3,750,0003.8m $3.8m $3.8m 0.07% Unchanged
23 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 2,500,0002.5m $2.6m $2.6m 0.00% Reduced -7.0m -7,000,000
24 Man Group plc 0.00% of their portfolio LONDON, X0 2,010,0002.0m $2.1m $2.1m 0.00% Reduced -420.0k -420,000
25 ParaFi Capital LP 0.73% of their portfolio NEW YORK, NY 2,000,0002.0m $2.0m $2.0m 0.73% New
26 DNCA FINANCE 0.10% of their portfolio PARIS, I0 1,950,0001.9m $2.0m $2.0m 0.10% Added +1.3m +1,300,000
27 Empowered Funds, LLC 0.01% of their portfolio NEWTOWN SQUARE, PA 1,630,0001.6m $1.7m $1.7m 0.01% New
28 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 1,400,0001.4m $1.4m $1.4m 0.00% New
29 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio Paris, I0 1,300,0001.3m $1.3m $1.3m 0.00% New
30 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,051,0001.1m $1.1m $1.1m 0.00% Added +1.0m +1,000,000
31 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 600,000600.0k $609.9k $609.9k 0.00% Unchanged
32 RWC Asset Management LLP 0.02% of their portfolio LONDON, X0 415,000415.0k $429.4k $429.4k 0.02% Reduced -5.6m -5,553,000
33 Jefferies Financial Group Inc. 0.00% of their portfolio NEW YORK, NY 400,000400.0k $402.3k $402.3k 0.00% New
34 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 100,000100.0k $102.0k $102.0k 0.00% Unchanged
35 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 92,00092.0k $93.8k $93.8k 0.00% Reduced -800.0k -800,000
36 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 25,00025.0k $25.5k $25.5k 0.00% New
37 K2 PRINCIPAL FUND, L.P. 1.42% of their portfolio TORONTO, A6 15,00015.0k $15.4m $15.4m 1.42% New