Vault-13

STRATEGY INC MSTR 0 12.01.29

NOTE 12/0 · GLOBAL · CUSIP 594972AS0

66 institutional holders +0 vs Q4 2025
9,551,0939.6m shares reported held*
$2.4bnreported value*
13 new 20 added 16 reduced 14 sold out net sold ≈ $11.6m (+5.0m 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 ($4.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $254.32.

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q4 25: 66Q1 26: 6666Q4 25Q1 26
Numbers
QuarterHolders
Q4 202566
Q1 202666

Biggest buyers

Linden Advisors LP Added +90,500,000+90.5m
ARISTEIA CAPITAL, L.L.C. Added +48,275,000+48.3m
LMR Partners LLP Added +47,500,000+47.5m
FMR LLC Added +33,226,000+33.2m
Point72 Asset Management, L.P. Added +24,500,000+24.5m
First Eagle Investment Management, LLC New +20,000,000+20.0m
Fort Baker Capital Management LP Added +17,900,000+17.9m
MARSHALL WACE, LLP Added +17,000,000+17.0m
HIGHBRIDGE CAPITAL MANAGEMENT LLC New +15,000,000+15.0m
MILLENNIUM MANAGEMENT LLC Added +13,764,000+13.8m

Biggest sellers

D. E. Shaw & Co., Inc. Reduced -100,000,000-100.0m
VOYA INVESTMENT MANAGEMENT LLC Reduced -88,580,000-88.6m
SUSQUEHANNA ADVISORS GROUP, INC. Reduced -56,810,000-56.8m
Weiss Asset Management LP Reduced -41,434,000-41.4m
Verition Fund Management LLC Reduced -38,200,000-38.2m
LAZARD ASSET MANAGEMENT LLC Reduced -30,538,000-30.5m
HBK INVESTMENTS L P Reduced -22,396,000-22.4m
DeepCurrents Investment Group LLC Reduced -21,500,000-21.5m
SONA ASSET MANAGEMENT (US) LLC Sold out -12,500,000-12.5m
Jump Financial, LLC Sold out -12,000,000-12.0m

Holders, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.32% of their portfolio ATLANTA, GA 372,190,000372.2m $309.8m $309.8m 0.32% Reduced -88.6m -88,580,000
2 ARISTEIA CAPITAL, L.L.C. 6.12% of their portfolio GREENWICH, CT 320,243,000320.2m $266.6m $266.6m 6.12% Added +48.3m +48,275,000
3 D. E. Shaw & Co., Inc. 0.21% of their portfolio New York, NY 316,485,000316.5m $265.0m $265.0m 0.21% Reduced -100.0m -100,000,000
4 Linden Advisors LP 1.37% of their portfolio New York, NY 293,133,000293.1m $244.7m $244.7m 1.37% Added +90.5m +90,500,000
5 Context Capital Management, LLC 4.57% of their portfolio LAJOLLA, CA 237,716,000237.7m $197.9m $197.9m 4.57% Added +10.0m +10,000,000
6 LMR Partners LLP 1.04% of their portfolio LONDON, X0 135,000,000135.0m $112.6m $112.6m 1.04% Added +47.5m +47,500,000
7 Calamos Advisors LLC 0.32% of their portfolio NAPERVILLE, IL 99,531,00099.5m $83.4m $83.4m 0.32% Added +8.7m +8,695,000
8 Point72 Asset Management, L.P. 0.13% of their portfolio STAMFORD, CT 87,500,00087.5m $73.2m $73.2m 0.13% Added +24.5m +24,500,000
9 MARSHALL WACE, LLP 0.08% of their portfolio LONDON, X0 87,000,00087.0m $72.9m $72.9m 0.08% Added +17.0m +17,000,000
10 WHITEBOX ADVISORS LLC 1.02% of their portfolio MINNEAPOLIS, MN 86,050,00086.0m $71.8m $71.8m 1.02% Added +5.0m +5,000,000
11 WOLVERINE ASSET MANAGEMENT LLC 0.86% of their portfolio CHICAGO, IL 65,500,00065.5m $54.9m $54.9m 0.86% Added +4.0m +4,000,000
12 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 63,300,00063.3m $53.0m $53.0m 0.00% Reduced -900.0k -900,000
13 AQR Arbitrage LLC 0.85% of their portfolio Greenwich, CT 62,465,00062.5m $52.0m $52.0m 0.85% Added +325.0k +325,000
14 Verition Fund Management LLC 0.42% of their portfolio GREENWICH, CT 51,800,00051.8m $43.1m $43.1m 0.42% Reduced -38.2m -38,200,000
15 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 50,298,00050.3m $41.9m $41.9m 0.01% Unchanged
16 BlackRock, Inc. 0.00% of their portfolio New York, NY 48,900,00048.9m $40.6m $40.6m 0.00% Added +11.2m +11,175,000
17 FMR LLC 0.00% of their portfolio BOSTON, MA 48,346,00048.3m $40.1m $40.1m 0.00% Added +33.2m +33,226,000
18 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.19% of their portfolio SAN FRANCISCO, CA 39,500,00039.5m $32.9m $32.9m 0.19% Not comparable
19 SUSQUEHANNA ADVISORS GROUP, INC. 1.42% of their portfolio BALA CYNWYD, PA 37,318,00037.3m $30.5m $30.5m 1.42% Reduced -56.8m -56,810,000
20 SHENKMAN CAPITAL MANAGEMENT INC 3.16% of their portfolio NEW YORK, NY 31,554,00031.6m $26.3m $26.3m 3.16% Added +12.6m +12,554,000
21 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 30,364,00030.4m $25.4m $25.4m 0.02% Added +13.8m +13,764,000
22 HBK INVESTMENTS L P 0.26% of their portfolio DALLAS, TX 25,000,00025.0m $21.0m $21.0m 0.26% Reduced -22.4m -22,396,000
23 Fort Baker Capital Management LP 1.70% of their portfolio Larkspur, CA 22,900,00022.9m $19.2m $19.2m 1.70% Added +17.9m +17,900,000
24 Sculptor Capital LP 0.21% of their portfolio New York, NY 22,500,00022.5m $18.9m $18.9m 0.21% Added +10.0m +10,000,000
25 First Eagle Investment Management, LLC 0.03% of their portfolio NEW YORK, NY 20,000,00020.0m $16.6m $16.6m 0.03% New
26 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 15,350,00015.3m $12.7m $12.7m 0.01% Unchanged
27 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.79% of their portfolio NEW YORK, NY 15,000,00015.0m $12.5m $12.5m 0.79% New
28 Capital International Investors 0.00% of their portfolio Los Angeles, CA 14,613,00014.6m $12.2m $12.2m 0.00% Unchanged
29 OAKTREE CAPITAL MANAGEMENT LP 0.17% of their portfolio LOS ANGELES, CA 12,080,00012.1m $10.1m $10.1m 0.17% Added +6.3m +6,317,000
30 Parallax Volatility Advisers, L.P. 0.44% of their portfolio San Francisco, CA 11,500,00011.5m $9.9m $9.9m 0.44% Reduced -1.5m -1,500,000
31 Isabella Capital Management LLP 9.78% of their portfolio LONDON, X0 11,000,00011.0m $9.2m $9.2m 9.78% Unchanged
32 LORD, ABBETT & CO. LLC 0.03% of their portfolio JERSEY CITY, NJ 10,000,00010.0m $8.3m $8.3m 0.03% Unchanged
33 Walleye Capital LLC 0.05% of their portfolio NEW YORK, NY 10,000,00010.0m $8.3m $8.3m 0.05% New
34 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 9,500,0009.5m $8.0m $8.0m 0.00% Unchanged
35 Weiss Asset Management LP 0.14% of their portfolio BOSTON, MA 9,428,0009.4m $7.9m $7.9m 0.14% Reduced -41.4m -41,434,000
36 CAPSTONE INVESTMENT ADVISORS, LLC 0.06% of their portfolio NEW YORK, NY 8,500,0008.5m $7.1m $7.1m 0.06% Unchanged
37 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 8,398,0008.4m $7.0m $7.0m 0.00% Added +5.8m +5,783,000
38 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 7,483,0007.5m $6.2m $6.2m 0.00% Reduced -8.4m -8,433,000
39 DeepCurrents Investment Group LLC 0.24% of their portfolio NEW YORK, NY 7,000,0007.0m $5.9m $5.9m 0.24% Reduced -21.5m -21,500,000
40 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 6,856,0006.9m $57.1k $57.1k 0.00% Reduced -30.5m -30,538,000
41 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 6,000,0006.0m $5.0m $5.0m 0.01% New
42 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 5,481,0005.5m $4.6m $4.6m 0.00% Added +2.7m +2,720,000
43 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5,205,0005.2m $4.3m $4.3m 0.00% Reduced -1.5m -1,535,000
44 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 5,075,0005.1m $4.2m $4.2m 0.00% New
45 TORONTO DOMINION BANK 0.01% of their portfolio TORONTO, ONTARIO, A6 5,000,0005.0m $4.2m $4.2m 0.01% Reduced -7.4m -7,375,000
46 Radcliffe Capital Management, L.P. 0.31% of their portfolio BALA CYNWYD, PA 5,000,0005.0m $4.1m $4.1m 0.31% Unchanged
47 Saba Capital Management, L.P. 0.13% of their portfolio NEW YORK, NY 5,000,0005.0m $4.2m $4.2m 0.13% Unchanged
48 Greenland Capital Management LP 0.84% of their portfolio NEW YORK, NY 5,000,0005.0m $4.2m $4.2m 0.84% Unchanged
49 Kore Advisors LP 4.74% of their portfolio BOYNTON BEACH, FL 5,000,0005.0m $4.2m $4.2m 4.74% New
50 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 4,140,0004.1m $3.4m $3.4m 0.00% Reduced -2.2m -2,238,000
51 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 3,000,0003.0m $2.5m $2.5m 0.01% Unchanged
52 CSS LLC/IL 0.12% of their portfolio CHICAGO, IL 2,500,0002.5m $2.1m $2.1m 0.12% New
53 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 2,250,0002.2m $1.9m $1.9m 0.00% Unchanged
54 Schonfeld Strategic Advisors LLC 0.01% of their portfolio NEW YORK, NY 2,000,0002.0m $1.7m $1.7m 0.01% New
55 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,244,0001.2m $1.0m $1.0m 0.00% Reduced -639.0k -639,000
56 Man Investment Partners (US) LP 0.99% of their portfolio NEW YORK, NY 1,000,0001.0m $832.3k $832.3k 0.99% Unchanged
57 Ares Systematic Credit Ltd 0.39% of their portfolio LONDON, X0 600,000600.0k $498.9k $498.9k 0.39% Added +300.0k +300,000
58 ZAZOVE ASSOCIATES LLC 0.01% of their portfolio INCLINE VILLAGE, NV 310,000310.0k $259.7k $259.7k 0.01% New
59 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 300,000300.0k $249.8k $249.8k 0.00% Unchanged
60 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 226,000226.0k $188.1k $188.1k 0.00% Unchanged
61 SSI INVESTMENT MANAGEMENT LLC 0.01% of their portfolio Los Angeles, CA 185,000185.0k $153.5k $153.5k 0.01% New
62 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 180,000180.0k $150.2k $150.2k 0.00% Reduced -45.0k -45,000
63 SCOTIA CAPITAL INC. 0.02% of their portfolio TORONTO, A6 66,09366.1k $5.5m $5.5m 0.02% New
64 UBS Group AG 0.00% of their portfolio ZURICH, V8 60,00060.0k $49.8k $49.8k 0.00% New
65 Alpine Global Management, LLC 2.66% of their portfolio NEW YORK, NY 21,00021.0k $17.5m $17.5m 2.66% New
66 K2 PRINCIPAL FUND, L.P. 1.33% of their portfolio TORONTO, A6 15,00015.0k $12.6m $12.6m 1.33% Unchanged