$550m unsecured $MSTR convertible at 0.75%...who is buying this?

Started wondering who has increased ownership in the stock since June and found something interesting...

(1/6) https://twitter.com/TheBlock__/status/1336663319911014400
The third largest buyer of $MSTR in last 6 months is RenTech

Interestingly, they upped their position size by +4x in June, assuming in response to MicroStrategy CFO remarks on June 28th earnings call that the firm may allocate treasury into bitcoin...

(2/6)
A reminder in March, RenTech included for first time in an ADV Form the permission "to enter into bitcoin futures transactions..limiting trading activity to CME"

Unclear if they have engaged w/ CME, but $MSTR has clearly offered exposure

(3/6) https://www.theblockcrypto.com/post/62322/75-billion-hedge-fund-renaissance-technologies-is-eyeing-the-bitcoin-futures-market
$75 billion hedge fund Renaissance Technologies is eyeing the bitcoin futures market

$75 billion hedge fund Renaissance Technologies has opened the door to investing in bitcoin futures.

https://www.theblockcrypto.com/post/62322/75-billion-hedge-fund-renaissance-technologies-is-eyeing-the-bitcoin-futures-market
So who is buying $MSTR post its BTC treasury plan? The clear standout is hedge funds. In contrast, mutual funds/pension/wealth mgmt have all netnet sold shares

What's interesting is buy activity around pure-play public "crypto" co Silvergate $SI tells a very diff story...

(4/6)
So who is buying $MSTR post its BTC treasury plan? The clear standout is hedge funds. In contrast, mutual funds/pension/wealth mgmt have all netnet sold sharesWhat's interesting is buy activity around pure-play public "crypto" co Silvergate $SI tells a very diff story...(4/6)
So who is buying $MSTR post its BTC treasury plan? The clear standout is hedge funds. In contrast, mutual funds/pension/wealth mgmt have all netnet sold sharesWhat's interesting is buy activity around pure-play public "crypto" co Silvergate $SI tells a very diff story...(4/6)
...regarding Silvergate, it helps that the stock is also up +150% since June, but with impressive fundamentals to boot. Still, interesting to see mutual funds as the largest net buyer of Silvergate and the largest net seller of MicroStrategy

(5/6) https://twitter.com/_RJTodd/status/1320834310119841793
Anyways, all this is to say the bulk of net inflows into MicroStrategy as a backdoor quasi bitcoin ETF is coming from hedge funds

Will be interesting to see who ends up filling MicroStrategy's convertible offering, but prob going to be a fund

(fin)
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