Reporting persons related to Susquehanna disclose collective beneficial ownership of 13,188,464 shares of MicroStrategy Class A common stock, representing 5.1% of the class. The reported total reflects a mix of directly owned shares and derivative instruments: Capital Ventures International's count includes shares issuable upon conversion of convertible notes, SIG Brokerage reports options to buy 5,000 shares, Susquehanna Investment Group reports options to buy 49,000 shares, and Susquehanna Securities' reported holdings include options to buy 10,549,000 shares. The company had 261,318,000 Class A shares outstanding per the filing and the reporting persons report both sole and shared voting and dispositive power across the group.
The filing states the reporting persons may be deemed a group, each disclaims ownership of shares directly owned by another reporting person, and the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The filing also identifies the reporting entities and their places of organization and provides an executed joint filing agreement and a limited power of attorney.
Positive
Collective beneficial ownership of 13,188,464 Class A shares, representing 5.1% of the class
Filing certifies holdings were acquired and are held in the ordinary course of business and not to influence control
Negative
A large portion of the reported position is derivative (e.g., Susquehanna Securities' count includes options to buy 10,549,000 shares and Capital Ventures' count includes shares from convertible notes), which may affect dilution and effective ownership
Shared voting and dispositive power across affiliated entities and the group's potential designation complicate clear attribution of control and voting intentions
Insights
TL;DR: The Susquehanna-related group holds 13.19M Class A shares (5.1%), with a large component from options and convertible instruments.
The holding represents a measurable stake but not a controlling position. The detailed breakdown shows substantial derivative exposure—especially the 10,549,000 options included in Susquehanna Securities' count—which matters for potential dilution and economic exposure if those instruments are exercised or converted. Reported sole voting power figures (for example, 10,794,378 for Susquehanna Securities and 2,338,744 for Capital Ventures International) and the indicated shared voting power across the group highlight combined influence on voting outcomes, though the group disclaims direct ownership of shares held by other reporting persons. From a market-impact perspective, this filing is noteworthy for transparency on derivative-backed ownership, but the 5.1% stake is more likely to influence trading interest than immediate corporate control.
TL;DR: Group designation and shared voting/dispositive power raise governance considerations despite a non-controlling 5.1% stake.
The filing documents that multiple affiliated broker-dealers and advisory entities may be deemed a group and report shared voting and dispositive power over the aggregate 13,188,464 shares. The joint filing agreement and limited power of attorney (Exhibit references) formalize coordinated reporting. The certification that the securities are held in the ordinary course and not to influence control is relevant to assessments of intent, while the mix of direct holdings and instruments exercisable into shares warrants monitoring for future shifts in voting power if conversions or exercises occur. Overall, the disclosure improves transparency but signals potential complexity in any future governance or activist scenarios.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
MicroStrategy Incorporated
(Name of Issuer)
Class A common stock, $0.001 par value per share
(Title of Class of Securities)
594972408
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
594972408
1
Names of Reporting Persons
Capital Ventures International
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,338,744.00
6
Shared Voting Power
13,188,464.00
7
Sole Dispositive Power
2,338,744.00
8
Shared Dispositive Power
13,188,464.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,188,464.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. With respect to Row 5 and Row 7 above, Susquehanna Advisors Group, Inc. is the investment manager to Capital Ventures International and as such may exercise voting and dispositive power over the shares directly owned by Capital Ventures International.
SCHEDULE 13G
CUSIP No.
594972408
1
Names of Reporting Persons
Susquehanna Advisors Group, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
PENNSYLVANIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,188,464.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,188,464.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,188,464.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. With respect to Row 5 and Row 7 above, Susquehanna Advisors Group, Inc. is the investment manager to Capital Ventures International and as such may exercise voting and dispositive power over the shares directly owned by Capital Ventures International.
SCHEDULE 13G
CUSIP No.
594972408
1
Names of Reporting Persons
G1 Execution Services, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,342.00
6
Shared Voting Power
13,188,464.00
7
Sole Dispositive Power
1,342.00
8
Shared Dispositive Power
13,188,464.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,188,464.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
594972408
1
Names of Reporting Persons
SIG Brokerage, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
5,000.00
6
Shared Voting Power
13,188,464.00
7
Sole Dispositive Power
5,000.00
8
Shared Dispositive Power
13,188,464.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,188,464.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
BD, PN
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
594972408
1
Names of Reporting Persons
Susquehanna Investment Group
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
PENNSYLVANIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
49,000.00
6
Shared Voting Power
13,188,464.00
7
Sole Dispositive Power
49,000.00
8
Shared Dispositive Power
13,188,464.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,188,464.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
BD, PN
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
594972408
1
Names of Reporting Persons
Susquehanna Securities, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
10,794,378.00
6
Shared Voting Power
13,188,464.00
7
Sole Dispositive Power
10,794,378.00
8
Shared Dispositive Power
13,188,464.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,188,464.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International and Susquehanna Advisors Group, Inc., may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
MicroStrategy Incorporated
(b)
Address of issuer's principal executive offices:
1850 Towers Crescent Plaza, Tysons Corner, VA 22182
Item 2.
(a)
Name of person filing:
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Class A common stock, $0.001 par value per share (the "Shares"), of MicroStrategy Incorporated (the "Company").
(i) Capital Ventures International
(ii) Susquehanna Advisors Group, Inc.
(iii) G1 Execution Services, LLC
(iv) SIG Brokerage, LP
(v) Susquehanna Investment Group
(vi) Susquehanna Securities, LLC
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of Capital Ventures International is:
P.O. Box 897
Windward 1, Regatta Office Park
West Bay Road
Grand Cayman, KY1-1103
Cayman Islands
The address of the principal business office of G1 Execution Services, LLC is:
175 W. Jackson Blvd.
Suite 1700
Chicago, IL 60604
The address of the principal business office of each of SIG Brokerage, LP, Susquehanna Advisors Group, Inc., Susquehanna Investment Group and Susquehanna Securities, LLC is:
401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004
(c)
Citizenship:
Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)
Title of class of securities:
Class A common stock, $0.001 par value per share
(e)
CUSIP No.:
594972408
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The number of Shares reported as beneficially owned by Capital Ventures International consists of Shares issuable upon conversion of convertible notes. The number of Shares reported as beneficially owned by SIG Brokerage, LP consists of options to buy 5,000 Shares. The number of Shares reported as beneficially owned by Susquehanna Investment Group consists of options to buy 49,000 Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 10,549,000 Shares.
The Company's Quarterly Report on Form 10-Q, filed on August 5, 2025, indicates that there were 261,318,000 Shares outstanding as of June 30, 2025.
(b)
Percent of class:
5.1 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, 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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Capital Ventures International
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary of Susquehanna Advisors Group, Inc.
Date:
08/13/2025
Susquehanna Advisors Group, Inc.
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
08/13/2025
G1 Execution Services, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Secretary
Date:
08/13/2025
SIG Brokerage, LP
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
08/13/2025
Susquehanna Investment Group
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, General Counsel
Date:
08/13/2025
Susquehanna Securities, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Secretary
Date:
08/13/2025
Comments accompanying signature: Susquehanna Advisors Group, Inc. serves as authorized agent of Capital Ventures International pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit 24 hereto.
Exhibit Information
EXHIBIT INDEX
EXHIBIT DESCRIPTION
________ ________
24 Limited Power of Attorney
99 Joint Filing Agreement
How many MicroStrategy (STRK) Class A shares do the reporting persons beneficially own?
The reporting persons collectively beneficially own 13,188,464 Class A shares, representing 5.1% of the class.
Does the reported ownership include options or convertible instruments for STRK?
Yes. The filing states the position includes shares issuable upon conversion of convertible notes and options, including 10,549,000 options included in Susquehanna Securities' count.
What voting power do the reporting persons claim over STRK shares?
The filing discloses both sole and shared voting power amounts by reporting person, with shared voting power of 13,188,464 across the group and specific sole voting figures such as 10,794,378 for Susquehanna Securities.
Is the group seeking to influence control of MicroStrategy (STRK)?
The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.
How many Class A shares did MicroStrategy have outstanding according to the filing?
The filing references 261,318,000 Class A shares outstanding, which is the basis for the 5.1% ownership calculation.
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