Vault-13

STRATEGY INC MSTR 0 12.01.29

NOTE 12/0 · GLOBAL · CUSIP 594972AS0

48 institutional holders -18 vs Q1 2026
4,376,6354.4m shares reported held*
$1.3bnreported value*
6 new 13 added 19 reduced 24 sold out net sold ≈ $1.2bn (-5.2m 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 ($1.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $295.67.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q4 25: 66Q1 26: 66Q2 26: 4848Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q4 202566
Q1 202666
Q2 202648

Buyers vs sellers

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

Bought or addedCut or sold out
50050Q1 26: 33 bought or addedQ1 26: 30 cut or sold outQ1 26Q2 26: 19 bought or addedQ2 26: 43 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q1 20263330
Q2 20261943

Biggest buyers

FARALLON CAPITAL MANAGEMENT, L.L.C. Added +48,358,000+48.4m
First Eagle Investment Management, LLC Added +20,000,000+20.0m
ARISTEIA CAPITAL, L.L.C. Added +15,290,000+15.3m
Jump Financial, LLC New +10,000,000+10.0m
FMR LLC Added +8,114,000+8.1m
Fort Baker Capital Management LP Added +4,000,000+4.0m
Parallax Volatility Advisers, L.P. Added +3,750,000+3.8m
HIGHBRIDGE CAPITAL MANAGEMENT LLC Added +2,500,000+2.5m
BANK OF AMERICA CORP /DE/ Added +2,196,000+2.2m
ParaFi Capital LP New +2,000,000+2.0m

Biggest sellers

D. E. Shaw & Co., Inc. Reduced -291,000,000-291.0m
Linden Advisors LP Reduced -277,000,000-277.0m
LMR Partners LLP Sold out -135,000,000-135.0m
Context Capital Management, LLC Reduced -122,000,000-122.0m
Point72 Asset Management, L.P. Reduced -84,500,000-84.5m
WHITEBOX ADVISORS LLC Reduced -81,000,000-81.0m
WOLVERINE ASSET MANAGEMENT LLC Sold out -65,500,000-65.5m
AQR Arbitrage LLC Reduced -62,150,000-62.1m
Verition Fund Management LLC Reduced -51,250,000-51.2m
Calamos Advisors LLC Reduced -39,664,000-39.7m

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VOYA INVESTMENT MANAGEMENT LLC 0.27% of their portfolio ATLANTA, GA 357,690,000357.7m $309.2m $309.2m 0.27% Reduced -14.5m -14,500,000
2 ARISTEIA CAPITAL, L.L.C. 4.56% of their portfolio GREENWICH, CT 335,533,000335.5m $290.0m $290.0m 4.56% Added +15.3m +15,290,000
3 Context Capital Management, LLC 2.02% of their portfolio LAJOLLA, CA 115,716,000115.7m $100.0m $100.0m 2.02% Reduced -122.0m -122,000,000
4 FARALLON CAPITAL MANAGEMENT, L.L.C. 0.44% of their portfolio SAN FRANCISCO, CA 87,858,00087.9m $75.4m $75.4m 0.44% Added +48.4m +48,358,000
5 MARSHALL WACE, LLP 0.06% of their portfolio LONDON, X0 78,000,00078.0m $67.5m $67.5m 0.06% Reduced -9.0m -9,000,000
6 Calamos Advisors LLC 0.19% of their portfolio NAPERVILLE, IL 59,867,00059.9m $51.8m $51.8m 0.19% Reduced -39.7m -39,664,000
7 FMR LLC 0.00% of their portfolio BOSTON, MA 56,460,00056.5m $48.7m $48.7m 0.00% Added +8.1m +8,114,000
8 Capital World Investors 0.01% of their portfolio LOS ANGELES, CA 50,298,00050.3m $43.5m $43.5m 0.01% Unchanged
9 First Eagle Investment Management, LLC 0.03% of their portfolio NEW YORK, NY 40,000,00040.0m $34.5m $34.5m 0.03% Added +20.0m +20,000,000
10 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 37,100,00037.1m $31.9m $31.9m 0.00% Reduced -26.2m -26,200,000
11 BlackRock, Inc. 0.00% of their portfolio New York, NY 29,400,00029.4m $25.3m $25.3m 0.00% Reduced -19.5m -19,500,000
12 Fort Baker Capital Management LP 1.85% of their portfolio Larkspur, CA 26,900,00026.9m $23.3m $23.3m 1.85% Added +4.0m +4,000,000
13 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 25,485,00025.5m $22.0m $22.0m 0.01% Reduced -291.0m -291,000,000
14 MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 18,299,00018.3m $15.8m $15.8m 0.01% Reduced -12.1m -12,065,000
15 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.51% of their portfolio NEW YORK, NY 17,500,00017.5m $15.1m $15.1m 0.51% Added +2.5m +2,500,000
16 Linden Advisors LP 0.07% of their portfolio New York, NY 16,133,00016.1m $13.9m $13.9m 0.07% Reduced -277.0m -277,000,000
17 Parallax Volatility Advisers, L.P. 0.49% of their portfolio San Francisco, CA 15,250,00015.2m $13.1m $13.1m 0.49% Added +3.8m +3,750,000
18 Capital International Investors 0.00% of their portfolio Los Angeles, CA 14,613,00014.6m $12.6m $12.6m 0.00% Unchanged
19 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 10,594,00010.6m $9.1m $9.1m 0.00% Added +2.2m +2,196,000
20 Jump Financial, LLC 0.08% of their portfolio Chicago, IL 10,000,00010.0m $8.6m $8.6m 0.08% New
21 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 9,500,0009.5m $8.2m $8.2m 0.00% Unchanged
22 CAPSTONE INVESTMENT ADVISORS, LLC 0.05% of their portfolio NEW YORK, NY 8,500,0008.5m $7.3m $7.3m 0.05% Unchanged
23 LORD, ABBETT & CO. LLC 0.02% of their portfolio JERSEY CITY, NJ 8,160,0008.2m $7.1m $7.1m 0.02% Reduced -1.8m -1,840,000
24 SHENKMAN CAPITAL MANAGEMENT INC 0.90% of their portfolio NEW YORK, NY 7,544,0007.5m $6.5m $6.5m 0.90% Reduced -24.0m -24,010,000
25 LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 6,856,0006.9m $59.3k $59.3k 0.00% Unchanged
26 Sculptor Capital LP 0.05% of their portfolio New York, NY 5,650,0005.7m $4.9m $4.9m 0.05% Reduced -16.9m -16,850,000
27 OAKTREE CAPITAL MANAGEMENT LP 0.09% of their portfolio LOS ANGELES, CA 5,451,0005.5m $4.7m $4.7m 0.09% Reduced -6.6m -6,629,000
28 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 5,406,0005.4m $4.7m $4.7m 0.00% Added +201.0k +201,000
29 WHITEBOX ADVISORS LLC 0.07% of their portfolio MINNEAPOLIS, MN 5,050,0005.0m $4.4m $4.4m 0.07% Reduced -81.0m -81,000,000
30 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 4,000,0004.0m $3.4m $3.4m 0.01% Added +1.0m +1,000,000
31 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 3,000,0003.0m $2.6m $2.6m 0.00% Reduced -84.5m -84,500,000
32 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,579,0002.6m $2.2m $2.2m 0.00% Reduced -2.9m -2,902,000
33 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 2,285,0002.3m $2.0m $2.0m 0.00% Added +1.0m +1,041,000
34 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
35 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,083,0002.1m $1.8m $1.8m 0.00% Reduced -5.4m -5,400,000
36 ParaFi Capital LP 0.62% of their portfolio NEW YORK, NY 2,000,0002.0m $1.7m $1.7m 0.62% New
37 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 1,000,0001.0m $864.7k $864.7k 0.00% New
38 Man Investment Partners (US) LP 0.24% of their portfolio NEW YORK, NY 1,000,0001.0m $857.8k $857.8k 0.24% Unchanged
39 ADVENT CAPITAL MANAGEMENT /DE/ 0.02% of their portfolio NEW YORK, NY 805,000805.0k $695.8k $695.8k 0.02% New
40 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 659,000659.0k $568.5k $568.5k 0.00% Added +479.0k +479,000
41 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 550,000550.0k $475.4k $475.4k 0.00% Reduced -51.2m -51,250,000
42 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 515,000515.0k $443.8k $443.8k 0.00% New
43 AQR Arbitrage LLC 0.00% of their portfolio Greenwich, CT 315,000315.0k $272.3k $272.3k 0.00% Reduced -62.1m -62,150,000
44 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 300,000300.0k $258.8k $258.8k 0.00% Unchanged
45 Axxion S.A. 0.02% of their portfolio GREVENMACHER, N4 300,000300.0k $297.4k $297.4k 0.02% First filing
46 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 226,000226.0k $195.3k $195.3k 0.00% Unchanged
47 SCOTIA CAPITAL INC. 0.02% of their portfolio TORONTO, A6 66,63566.6k $5.8m $5.8m 0.02% Added +542 +542
48 MACKENZIE FINANCIAL CORP 0.01% of their portfolio TORONTO ONTARIO, A6 10,00010.0k $8.6m $8.6m 0.01% New