MicroStrategy shareholders: who owns the most MSTR stock?
MicroStrategy’s ownership structure continues to attract attention, reflecting both its significant institutional presence and the ongoing influence of its founder, Michael J. Saylor.
MicroStrategy shares have fallen in 2025 amid a volatile cryptocurrency market, prompting investors to consider who holds the largest stakes. As of November 2025, MSTR has declined by around 30% year to date, following a broader correction in digital assets.
Past performance is not a reliable indicator of future results.
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What is MicroStrategy?
Founded in 1989, MicroStrategy (MSTR) is a business intelligence and analytics firm that helps organisations analyse and interpret data for strategic decision-making. Listed on the Nasdaq Stock Market in June 1998, the company earns most of its revenue from software licensing, subscription services, and product support.
MicroStrategy has become well known for its large bitcoin (BTC) holdings, a strategy initiated by co-founder and executive chairman Michael J. Saylor. The company invests a significant portion of its balance sheet in bitcoin, positioning itself as both a technology provider and a digital-asset holding company.
By late 2024, MicroStrategy’s bitcoin balance had exceeded 279,000 BTC, before falling to around 437,000 coins in 2025 following strategic sales and balance sheet adjustments.
Who owns MicroStrategy shares?
According to the latest filings and market data, MicroStrategy’s ownership remains concentrated among institutional investors, mutual funds, and retail shareholders.
| Ownership type | Common stock held (M) | % of shares outstanding | Market value (USD bn) |
|---|---|---|---|
| Mutual funds & ETFs | 71.79 | 25.03% | 16.13 |
| Other institutional investors | 65.85 | 22.96% | 14.79 |
| Public companies & retail investors | 149.19 | 52.01% | 33.51 |
| Total | 286.83 | 100.00% | 64.43 |
MicroStrategy’s stock remains actively held by institutions, although public and retail ownership now accounts for more than half of all outstanding shares.
Largest MicroStrategy shareholders
| # | Holder | % of holding | Shares held | Value (USD 000s) |
|---|---|---|---|---|
| 1 | Capital Research and Management Company | 6.58% | 18,898,073 | 3,941,004 |
| 2 | The Vanguard Group, Inc. | 6.45% | 18,539,756 | 3,866,281 |
| 3 | BlackRock, Inc. | 4.94% | 14,182,971 | 2,957,717 |
| 4 | Clear Street LLC | 2.08% | 5,971,971 | 1,245,395 |
| 5 | State Street Global Advisors, Inc. | 1.91% | 5,484,569 | 1,143,752 |
| 6 | Morgan Stanley Investment Management Inc. | 1.54% | 4,420,851 | 921,924 |
| 7 | Cantor Fitzgerald Asset Management | 1.54% | 4,415,730 | 920,856 |
| 8 | Morgan Stanley | 1.50% | 4,318,431 | 900,566 |
| 9 | Geode Capital Management, LLC | 1.23% | 3,521,664 | 734,408 |
| 10 | Norges Bank Investment Management | 1.04% | 2,976,182 | 620,653 |
These institutional investors collectively represent nearly 29% of total institutional ownership, suggesting ongoing confidence in MicroStrategy’s dual focus on software and digital assets.
Top mutual fund holders
| # | Holder | % of holding | Shares held | Value (USD 000s) |
|---|---|---|---|---|
| 1 | The Growth Fund of America | 3.99% | 11,479,713 | 2,393,979 |
| 2 | Vanguard Total Stock Market ETF | 2.89% | 8,305,570 | 1,732,044 |
| 3 | Invesco QQQ Trust, Series 1 | 1.93% | 5,547,436 | 1,156,862 |
| 4 | American Funds Fundamental Investors | 1.48% | 4,255,592 | 887,461 |
| 5 | Vanguard Growth ETF | 1.07% | 3,061,911 | 638,531 |
| 6 | Government Pension Fund Global | 1.02% | 2,925,038 | 609,987 |
| 7 | Vanguard Extended Market ETF | 0.98% | 2,825,597 | 589,250 |
| 8 | Vanguard Information Technology ETF | 0.59% | 1,704,712 | 355,501 |
| 9 | American Funds Insurance Series – Growth Fund | 0.52% | 1,507,861 | 314,449 |
| 10 | Fidelity Extended Market Index Fund | 0.48% | 1,369,931 | 285,685 |
Source: Investing.com, 14 November 2025.
Insider ownership
Recent filings show that board members and senior executives collectively hold a small proportion of the company’s total equity, largely through stock-based compensation and long-term incentive plans.
| # | Insider | Role | Shares held |
|---|---|---|---|
| 1 | Carl J. Rickertsen | Board Member | 4,000 |
| 2 | Timothy E. Lang | Chief Technology Officer | 2,708 |
| 3 | Phong Q. Le | Chief Executive Officer | 208 |
| 4 | Stephen X. Graham | Board Member | 200 |
| 5 | W. Ming Shao | Board Member | 142 |
Insiders collectively own around 0.8% of outstanding shares, according to the most recent disclosures.
Source: Fintel, 14 November 2025.
Michael J. Saylor: the largest individual shareholder
Michael J. Saylor remains MicroStrategy’s most influential shareholder, controlling the company through Class B common stock, which carries ten votes per share. Saylor retains majority voting power and strategic oversight through his role as executive chairman. His influence extends across the company’s financial and bitcoin strategies, including digital-asset management and revaluation.
However, Michael J. Saylor’s holdings are recorded separately from standard insider ownership disclosures. This is because Saylor’s Class B common stock—which carries ten votes per share—is part of a distinct share class that gives him majority voting control, even though it represents a smaller proportion of total equity.
Key takeaways
MicroStrategy’s share price reflects broader volatility in digital assets, yet its core analytics business continues to deliver steady revenue growth, supported by higher subscription income and a focus on enterprise clients.
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FAQ
How many MicroStrategy shares are there?
According to the company’s latest Q3 2025 filing, MicroStrategy reported a weighted average of 286.83 million common shares outstanding on a fully diluted basis, with a total market capitalisation of around $64.43bn. This figure includes both Class A and Class B common stock.
How many shareholders does MicroStrategy have?
Based on the most recent available data, institutional investors, mutual funds, and retail shareholders collectively hold all of the company’s outstanding shares. The largest single group is public and retail investors, representing around 52% of total ownership. The number of record shareholders continues to change in line with market activity and institutional rebalancing.
Who owns MicroStrategy?
Michael J. Saylor remains the company’s largest individual shareholder, holding most of the Class B common stock, which carries enhanced voting rights. This structure gives him significant influence over the company’s strategic direction, including its approach to bitcoin acquisitions. Other major shareholders include Capital Research & Management Company, The Vanguard Group, and BlackRock Inc., which together hold a notable proportion of Class A shares.
Can you trade MicroStrategy (MSTR) with CFDs?
Yes, MicroStrategy shares can be traded as contracts for difference (CFDs) on regulated platforms such as Capital.com. CFDs allow traders to speculate on price movements without owning the underlying shares, and to open long or short positions depending on market expectations. However, CFD trading is complex and involves a high risk of losing money rapidly due to leverage. Before trading, it’s important to understand how CFDs work and assess whether you can afford to take the high risk of loss.