SCHEDULE: Susquehanna Group Discloses 4.8% Stake in Strategy Inc

A group of Susquehanna-affiliated entities has disclosed a 4.8% beneficial ownership stake in Strategy Inc, primarily through convertible notes and options.

Summary

• A group of six affiliated entities, including Capital Ventures International and Susquehanna Advisors Group, Inc., collectively reported beneficial ownership of 12,872,539 shares of Strategy Inc's Class A Common Stock.
• This aggregate ownership represents 4.8% of the company's Class A Common Stock outstanding as of September 30, 2025, which totaled 267,468,426 shares according to Strategy Inc's Form 8-K filed on October 6, 2025.
• The beneficial ownership includes 2,705,914 shares issuable upon conversion of convertible notes held by Capital Ventures International.
• It also includes options to buy shares held by SIG Brokerage, LP (13,500 shares), Susquehanna Investment Group (49,000 shares), and Susquehanna Securities, LLC (9,783,600 shares).
• The reporting persons disclaim beneficial ownership of shares owned directly by another reporting person within the group.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Strategy Inc.

Sentiment

Score: 6

Explanation: The disclosure of a significant, albeit passive, stake by a reputable investment group like Susquehanna can be viewed as a moderately positive signal of institutional interest and confidence in Strategy Inc. The nature of the holdings (convertible notes, options) suggests a strategic, long-term view.

Positives

• A significant investment group, Susquehanna, has taken a substantial position in Strategy Inc, potentially signaling institutional confidence in the company's long-term prospects.
• The stake is diversified across various instruments, including convertible notes and options, indicating a sophisticated investment strategy.

Negatives

• The beneficial ownership is just below the 5% threshold, which might limit the group's direct influence on corporate governance without further accumulation.

Risks

• The value of the options and convertible notes is subject to market fluctuations of Strategy Inc's Class A Common Stock.
• The conversion of convertible notes and exercise of options could lead to dilution for existing shareholders if not managed appropriately by the company.

Future Outlook

NA

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake could increase investor confidence and potentially attract further institutional interest. The conversion of notes and exercise of options could lead to minor dilution, but this is typically priced into the market.
• Company Management: Awareness of a large institutional holder may influence strategic decisions, though the reporting persons state no intent to influence control.

Key Dates

Recommendation

The filing indicates a significant institutional stake by a sophisticated investment group, which can be a positive signal. However, a Schedule 13G filing primarily discloses ownership and does not provide new financial performance data or strategic updates from the company itself. The stated intent of the reporting persons is passive investment, not control. Therefore, while the institutional interest is notable, it doesn't fundamentally alter the investment thesis for Strategy Inc based solely on this filing. Investors should hold and monitor future company performance and further disclosures.

Keywords

Strategy Inc, MicroStrategy, MSTR, Schedule 13G, Beneficial Ownership, Susquehanna, Capital Ventures International, Convertible Notes, Stock Options, Institutional Investment, SEC Filing