As of the most recent reporting period, the following institutional investors, funds, and major shareholders have reported short positions of MicroStrategy: CTC LLC, Arrowpoint Investment Partners Singapore Pte. Ltd., Elequin Capital LP, CSS LLC IL, Ursa Fund Management LLC, Wolverine Trading LLC, Squarepoint Ops LLC, Two Sigma Investments LP, Tidal Investments LLC, Sculptor Capital LP, Sig Brokerage LP, Sona Asset Management US LLC, Point72 Asset Management L.P., Nomura Holdings Inc., Maven Securities LTD, Moore Capital Management LP, LMR Partners LLP, J. Goldman & Co LP, Jefferies Financial Group Inc., Hudson Bay Capital Management LP, Group One Trading LLC, Graham Capital Management L.P., Ground Swell Capital LLC, Clear Street Derivatives LLC, Cubist Systematic Strategies LLC, Caption Management LLC, Cantor Fitzgerald L. P., Citadel Advisors LLC, Capstone Investment Advisors LLC, BW Gestao de Investimentos Ltda., Balyasny Asset Management L.P., Bank of America Corp DE, BNP Paribas Financial Markets, 683 Capital Management LLC, AQR Arbitrage LLC, Whitebox Advisors LLC, Jane Street Group LLC, Paloma Partners Management Co, Tudor Investment Corp ET AL, Shaolin Capital Management LLC, HBK Investments L P, CMT Capital Markets Trading GmbH, Parallax Volatility Advisers L.P., Bracebridge Capital LLC, MYDA Advisors LLC, Natixis, HAP Trading LLC, Concourse Financial Group Securities Inc., PEAK6 LLC, Walleye Trading LLC, Walleye Capital LLC, Barclays PLC, Warberg Asset Management LLC, Dymon Asia Capital Singapore PTE. LTD., Capital Fund Management S.A., DRW Securities LLC, Greenland Capital Management LP, Capula Management Ltd, Bank of Montreal Can, Alpine Investment Management Ltd, Wells Fargo & Company MN, OLD Mission Capital LLC, National Bank of Canada FI, JPMorgan Chase & Co., Mirae Asset Securities USA Inc., Cannon Global Investment Management LLC, Simplify Asset Management Inc., HUB Investment Partners LLC, Twin Tree Management LP, HighTower Advisors LLC, Marathon Trading Investment Management LLC, Levin Capital Strategies L.P., Teilinger Capital Ltd., Wolverine Asset Management LLC, Belvedere Trading LLC, Valeo Financial Advisors LLC, Equitec Proprietary Markets LLC, IMC Chicago LLC, Bleakley Financial Group LLC, Traynor Capital Management Inc., SG Americas Securities LLC, Portman Square Capital LLP, and JPMorgan Chase & Co.. These positions are disclosed in Form 13F filings with the Securities and Exchange Commission.