SCHEDULE: Susquehanna Group Discloses 5.1% MicroStrategy Stake

A group of Susquehanna-affiliated entities has disclosed a 5.1% beneficial ownership stake in MicroStrategy Incorporated's Class A common stock.

Summary

• A group of six affiliated entities, including Capital Ventures International and various Susquehanna entities (Susquehanna Advisors Group, Inc., G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC), collectively reported beneficial ownership of 13,188,464 shares of MicroStrategy Incorporated's Class A common stock.
• This aggregate ownership represents 5.1% of MicroStrategy's Class A common stock outstanding as of June 30, 2025, based on 261,318,000 shares outstanding.
• The shares beneficially owned by Capital Ventures International include shares issuable upon conversion of convertible notes.
• The shares beneficially owned by SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC include options to buy 5,000, 49,000, and 10,549,000 shares, respectively.
• Susquehanna Advisors Group, Inc. acts as the investment manager for Capital Ventures International and holds limited power of attorney for transactions on its behalf.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of MicroStrategy.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual disclosure of beneficial ownership, indicating a passive investment stake without expressing any specific positive or negative sentiment towards the issuer's performance or future prospects.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

The filing is a disclosure of current beneficial ownership and does not provide any forward-looking statements or guidance regarding MicroStrategy's future performance or the reporting group's future investment intentions beyond the certification that the shares are held in the ordinary course of business.

Industry Context

This Schedule 13G filing indicates that a significant institutional investor group, affiliated with Susquehanna, has accumulated a passive stake in MicroStrategy. Such filings are standard disclosures required when an investor or group crosses the 5% beneficial ownership threshold in a public company, signaling a notable, but non-controlling, investment position within the market.

Comparison to Industry Standards

• A 5.1% beneficial ownership stake is a significant position for an institutional investor in a publicly traded company like MicroStrategy, indicating a notable commitment of capital.
• The structure of ownership, involving multiple affiliated entities (broker-dealers, investment groups, and international ventures) under a common umbrella (Susquehanna), is a common practice for large financial institutions managing diverse investment portfolios and regulatory requirements.

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• The filing identifies Capital Ventures International, Susquehanna Advisors Group, Inc., G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group, and Susquehanna Securities, LLC as affiliated entities that may be deemed a group for reporting purposes.
• Susquehanna Advisors Group, Inc. holds a Limited Power of Attorney from Capital Ventures International to enter into transactions on its behalf.

Stakeholder Impact

• Shareholders: Disclosure of a new significant institutional holder (5.1%) provides transparency into the company's ownership structure, potentially influencing investor perception and trading activity.

Next Steps

• NA

Key Dates

Keywords

MicroStrategy, Beneficial Ownership, Schedule 13G, Susquehanna, Capital Ventures International, Institutional Investment, MSTR, Equity Stake