As of the most recent reporting period, the following institutional investors, funds, and major shareholders have reported short positions of MicroStrategy: Hudson Bay Capital Management LP, Wolverine Trading LLC, Nomura Holdings Inc., CTC LLC, Sculptor Capital LP, Tidal Investments LLC, Man Group plc, LMR Partners LLP, Hudson Bay Capital Management LP, Group One Trading LLC, Cubist Systematic Strategies LLC, Balyasny Asset Management L.P., Bank of America Corp DE, 683 Capital Management LLC, AQR Arbitrage LLC, Jane Street Group LLC, Shaolin Capital Management LLC, Volterra Technologies LP, DeepCurrents Investment Group LLC, RBF Capital LLC, Dymon Asia Capital Singapore PTE. LTD., Qube Research & Technologies Ltd, Hunting Hill Global Capital LLC, Maven Securities LTD, Natixis, Clear Street Derivatives LLC, CMT Capital Markets Trading GmbH, Clear Street LLC, Capula Management Ltd, Walleye Capital LLC, Royal Fund Management LLC, Walleye Trading LLC, HBK Investments L P, Lido Advisors LLC, Capital Fund Management S.A., Alpine Investment Management Ltd, Teilinger Capital Ltd., Eisler Capital Management Ltd., JPMorgan Chase & Co., Greenland Capital Management LP, Itau Unibanco Holding S.A., SG Americas Securities LLC, Simplify Asset Management Inc., Garda Capital Partners LP, Marathon Trading Investment Management LLC, Compass Rose Asset Management LP, Mirae Asset Securities USA Inc., Bank of Montreal Can, Wolverine Asset Management LLC, Belvedere Trading LLC, Portman Square Capital LLP, Twin Tree Management LP, Johnson Investment Counsel Inc., Vontobel Holding Ltd., Valeo Financial Advisors LLC, Northeast Financial Group Inc., Baader Bank Aktiengesellschaft, Goldman Sachs Group Inc., and Quaker Wealth Management LLC. These positions are disclosed in Form 13F filings with the Securities and Exchange Commission.