MicroStrategy

MSTR • NASDAQ

MicroStrategy is a software - application company in the technology sector on NASDAQ, led by Phong Q. Le, with a market cap of $49.5B. As of Q3 2025, 47% of shares are held by 1,049 institutional investors, with VANGUARD GROUP INC as the largest holder at 7.01%.

CEOPhong Q. Le

Market Cap$49.5B

Software - Application

Technology

Employees1.9K

Websitemicrostrategy.com

Country

United States of America

Overview

Overview of institutional ownership in MSTR as of Q3 2025 with a market cap of $91.4B

All Institutions

Institutions: 1,049
Value Held: $42.6B
Shares Held: 132.3M
Avg Position: $40.6M
Median Position: $917.7K

Hedge Funds

Hedge Funds: 48
Value Held: $1.0B
Shares Held: 3.3M
Avg Position: $21.2M
Median Position: $2.0M

Ownership Breakdown

Institutional (non-HF)

45.5%

$41.6B

Hedge Funds

1.11%

$1.0B

Retail & Other

53.39%

$48.8B

Based on market cap of $91.4B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in MSTR as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$6.4B 0.10% of portfolio	7.01% 19.9M shares	≤ Q2 2013 Held for 12y 6m+	$6.69T
C Capital International Investors Institution	-	$4.8B 0.78% of portfolio	5.29% 15.0M shares	Q2 2021 Held for 4y 6m	$617.62B
BlackRock, Inc. Institution	Laurence D. Fink CEO	$4.7B 0.08% of portfolio	5.16% 14.7M shares	≤ Q2 2013 Held for 12y 6m+	$5.67T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$2.7B 0.16% of portfolio	2.97% 8.4M shares	≤ Q2 2013 Held for 12y 6m+	$1.65T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$1.9B 0.07% of portfolio	2.11% 6.0M shares	≤ Q2 2013 Held for 12y 6m+	$2.88T
Capital Research Global Investors RIA/Wealth	Maria Alejandra Herrera CIO	$1.4B 0.25% of portfolio	1.48% 4.2M shares	Q3 2022 Held for 3y 3m	$532.36B
C CANTOR FITZGERALD, L. P. Institution	-	$1.3B 25.58% of portfolio	1.41% 4.0M shares	Q1 2024 Held for 1y 9m	$5.1B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$1.2B 0.08% of portfolio	1.32% 3.7M shares	≤ Q2 2013 Held for 12y 6m+	$1.57T
UBS Group AG Institution	Sergio P. Ermotti CEO	$812.7M 0.16% of portfolio	0.89% 2.5M shares	Q4 2014 Held for 11 years	$511.60B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$765.5M 0.05% of portfolio	0.84% 2.4M shares	≤ Q2 2013 Held for 12y 6m+	$1.56T

Net Capital Flow

Institutional buying and selling activity for MSTR in Q3 2025

Traded: +$2.3B
Buyers: 615
Sellers: 474
Total Bought: +$5.7B
Total Sold: −$3.5B
Avg Position: $34.9M

Biggest Buyers

Institution	Net Bought	Current Position
C Capula Management Ltd Institution	+$565.6M +1.8M shares	$565.8M 1.8M shares
N NATIONAL BANK OF CANADA /FI/ Institution	+$475.9M +1.5M shares	$658.9M 2.0M shares
R ROYAL BANK OF CANADA Institution	+$443.6M +1.4M shares	$504.4M 1.6M shares
VANGUARD GROUP INC Institution	+$433.2M +1.3M shares	$6.4B 19.9M shares
GOLDMAN SACHS GROUP INC Institution	+$419.0M +1.3M shares	$674.1M 2.1M shares
Capital Research Global Investors RIA/Wealth	+$340.8M +1.1M shares	$1.4B 4.2M shares
UBS Group AG Institution	+$318.3M +987.7K shares	$812.7M 2.5M shares
H Harvest Portfolios Group Inc. Institution	+$271.5M +842.5K shares	$499.6M 1.6M shares
STATE STREET CORP Institution	+$162.5M +504.5K shares	$1.9B 6.0M shares
BlackRock, Inc. Institution	+$150.3M +466.5K shares	$4.7B 14.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$363.9M −1.1M shares	$151.6M 470.6K shares
A Amundi Institution	−$277.9M −772.6K shares	$363.8M 1.0M shares
B Belvedere Trading LLC Institution	−$274.0M −850.5K shares	$28.6M 88.6K shares
Weiss Asset Management LP Hedge Fund•Multi-Strategy	−$264.3M −820.3K shares	$447.4M 1.4M shares
MORGAN STANLEY RIA/Wealth	−$250.8M −778.3K shares	$2.7B 8.4M shares
JPMORGAN CHASE & CO Institution	−$248.9M −772.5K shares	$765.5M 2.4M shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	−$236.4M −733.7K shares	$147.4M 457.6K shares
FMR LLC Institution	−$183.6M −569.7K shares	$480.9M 1.5M shares
C CANTOR FITZGERALD, L. P. Institution	−$130.9M −406.2K shares	$1.3B 4.0M shares
WELLS FARGO & COMPANY/MN Institution	−$120.9M −375.1K shares	$111.7M 346.6K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited MSTR in Q3 2025

New Positions: 69
New Value: $250.1M
Exited Positions: 171
Exited Value: $430.3M

New Positions

Institution	Position Value
C CANADA PENSION PLAN INVESTMENT BOARD Institution	$126.7M 393.3K shares
Point72 Europe LLP Digital Asset Manager	$60.1M 186.6K shares
S Swedbank AB Institution	$25.5M 79.1K shares
M Massar Capital Management, LP Institution	$5.8M 18.0K shares
GATEWAY INVESTMENT ADVISERS LLC Long Only Manager	$5.2M 16.1K shares
Point72 Ltd RIA/Wealth	$3.7M 11.5K shares
P Point72 Asia Pte. Ltd. Institution	$3.6M 11.3K shares
JPL Wealth Management, LLC RIA/Wealth	$3.0M 9.4K shares
V Vennlight Capital Management, LP Hedge Fund•Long/Short	$2.0M 6.3K shares
NorthRock Partners, LLC RIA/Wealth	$1.4M 4.3K shares

Exited Positions

Institution	Previous Position
Jain Global LLC Hedge Fund•Multi-Strategy	$54.5M 134.9K shares
H HRT FINANCIAL LLC Institution	$50.3M 124.6K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	$37.7M 93.3K shares
Q Quantitative Investment Management, LLC Hedge Fund•Quant Macro	$37.6M 93.0K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$31.1M 77.0K shares
S Sassicaia Capital Advisers LLC Institution	$26.0M 64.4K shares
Z Zurich Insurance Group Ltd/FI Institution	$23.0M 56.9K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$21.8M 53.8K shares
Y Y-Intercept Ltd Institution	$18.0M 44.6K shares
A AXA Institution	$16.3M 40.3K shares

Options Activity

Institutions with the largest Call and Put options positions in MSTR as of Q3 2025

Call Positions: 105
Call Value: $24.5B
Put Positions: 89
Put Value: $26.1B

Call Positions

Institution	Position Value
Toroso Investments, LLC ETF Provider	$5.9B 182.0K contracts
J JANE STREET GROUP, LLC Institution	$5.4B 166.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.1B 126.8K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.2B 98.3K contracts
W WOLVERINE TRADING, LLC Institution	$1.9B 57.1K contracts
B Belvedere Trading LLC Institution	$893.8M 27.7K contracts
Walleye Trading LLC RIA/Wealth	$459.9M 14.3K contracts
GOLDMAN SACHS GROUP INC Institution	$395.7M 12.3K contracts
P PEAK6 LLC Institution	$338.1M 10.5K contracts
D D. E. Shaw & Co., Inc. Institution	$238.3M 7.4K contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$5.0B 154.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.8B 150.0K contracts
J JANE STREET GROUP, LLC Institution	$2.7B 84.0K contracts
Graham Capital Management, L.P. Hedge Fund•Multi-Strategy	$1.4B 42.4K contracts
B Belvedere Trading LLC Institution	$1.2B 36.0K contracts
C CANTOR FITZGERALD, L. P. Institution	$1.1B 10.5K contracts
W WOLVERINE TRADING, LLC Institution	$1.1B 32.9K contracts
L LMR Partners LLP Institution	$1.1B 32.7K contracts
Weiss Asset Management LP Hedge Fund•Multi-Strategy	$1.0B 32.1K contracts
GOLDMAN SACHS GROUP INC Institution	$706.3M 21.9K contracts

Most Committed Institutions

Institutions with MSTR as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
C CANTOR FITZGERALD, L. P. Institution	-	25.58% $1.3B	1.41% 4.0M shares	Q1 2024 Held for 1y 9m	$5.1B
A Aspiring Ventures, LLC Institution	-	15.72% $43.4M	0.05% 134.6K shares	Q4 2024 Held for 1 year	$275.9M
Accuvest Global Advisors RIA/Wealth	David Jacob Garff CCO	14.71% $23.1M	0.03% 71.8K shares	Q2 2022 Held for 3y 6m	$157.2M
SHARIAPORTFOLIO, INC. RIA/Wealth	Aliredha Munir Walji CEO	13.13% $34.3M	0.04% 106.5K shares	Q3 2023 Held for 2y 3m	$261.3M
K Kapstone Financial Advisors LLC RIA/Wealth	David Charles Kronour Managing Partner	10.93% $23.2M	0.03% 72.0K shares	Q1 2023 Held for 2y 9m	$212.3M
B BLKBRD Asset Management, LP Hedge Fund•Quant	Daniel Dominic Izzo Founder	10.37% $37.2M	0.04% 115.5K shares	Q1 2025 Held for 9 months	$358.8M
H Harvest Portfolios Group Inc. Institution	-	9.19% $499.6M	0.55% 1.6M shares	Q1 2025 Held for 9 months	$5.4B
Weiss Asset Management LP Hedge Fund•Multi-Strategy	Andrew Murray Weiss CEO	8.57% $447.4M	0.49% 1.4M shares	Q2 2024 Held for 1y 6m	$5.2B
Capital Wealth Alliance, LLC RIA/Wealth	Robert D Wong Managing Partner	7.16% $14.4M	0.02% 44.7K shares	Q3 2020 Held for 5y 3m	$201.2M
T TB Alternative Assets Ltd. Hedge Fund•Value	Shujun Li CEO	6.07% $40.6M	0.04% 126.0K shares	Q3 2025 Held for 3 months	$668.4M

Hedge Fund Spotlight

Discover hedge funds investing in MSTR

STEVENS CAPITAL MANAGEMENT LP

Hedge Fund • Multi-Strategy

Portfolio ManagerMatthew Tewksbury

Portfolio Value: $702.9M
Positions: 237
Last Reported: Q3 2025

Sector Allocation

Position in MicroStrategy

Market Value: $4.3M
Shares Held: 13.3K
Portfolio Weight: 0.61%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$56.5M	8.03%
2 Robinhood Markets, Inc. HOOD	Software - Infrastructure Technology	$41.2M	5.86%
3 Palantir Technologies Inc. PLTR	Software - Infrastructure Technology	$28.0M	3.99%