<SEC-DOCUMENT>0001446580-25-000072.txt : 20250814
<SEC-HEADER>0001446580-25-000072.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814103105
ACCESSION NUMBER:		0001446580-25-000072
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Strategy Inc
		CENTRAL INDEX KEY:			0001050446
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				510323571
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-54429
		FILM NUMBER:		251215323

	BUSINESS ADDRESS:	
		STREET 1:		1850 TOWERS CRESCENT PLAZA
		CITY:			TYSONS CORNER
		STATE:			VA
		ZIP:			22182
		BUSINESS PHONE:		703-848-8600

	MAIL ADDRESS:	
		STREET 1:		1850 TOWERS CRESCENT PLAZA
		CITY:			TYSONS CORNER
		STATE:			VA
		ZIP:			22182

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICROSTRATEGY Inc
		DATE OF NAME CHANGE:	20180821

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICROSTRATEGY INC
		DATE OF NAME CHANGE:	19971126

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUSQUEHANNA SECURITIES, LLC
		CENTRAL INDEX KEY:			0001446580
		ORGANIZATION NAME:           	
		EIN:				232754552

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		401 CITY AVENUE, SUITE 220
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
		BUSINESS PHONE:		610-617-2600

	MAIL ADDRESS:	
		STREET 1:		401 CITY AVENUE, SUITE 220
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUSQUEHANNA SECURITIES
		DATE OF NAME CHANGE:	20130709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Susquehanna Securities
		DATE OF NAME CHANGE:	20080930
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001446580</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Class A common stock, $0.001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001050446</issuerCik>
        <issuerName>MicroStrategy Incorporated</issuerName>
        <issuerCusip>594972408</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>1850 Towers Crescent Plaza</com:street1>
          <com:city>Tysons Corner</com:city>
          <com:stateOrCountry>VA</com:stateOrCountry>
          <com:zipCode>22182</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Capital Ventures International</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2338744</soleVotingPower>
        <sharedVotingPower>13188464</sharedVotingPower>
        <soleDispositivePower>2338744</soleDispositivePower>
        <sharedDispositivePower>13188464</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>13188464</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Susquehanna Advisors Group, Inc.</reportingPersonName>
      <citizenshipOrOrganization>PA</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>13188464</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>13188464</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>13188464</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>G1 Execution Services, LLC</reportingPersonName>
      <citizenshipOrOrganization>IL</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1342</soleVotingPower>
        <sharedVotingPower>13188464</sharedVotingPower>
        <soleDispositivePower>1342</soleDispositivePower>
        <sharedDispositivePower>13188464</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>13188464</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>BD</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>SIG Brokerage, LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>5000</soleVotingPower>
        <sharedVotingPower>13188464</sharedVotingPower>
        <soleDispositivePower>5000</soleDispositivePower>
        <sharedDispositivePower>13188464</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>13188464</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>BD</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Susquehanna Investment Group</reportingPersonName>
      <citizenshipOrOrganization>PA</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>49000</soleVotingPower>
        <sharedVotingPower>13188464</sharedVotingPower>
        <soleDispositivePower>49000</soleDispositivePower>
        <sharedDispositivePower>13188464</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>13188464</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>BD</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Susquehanna Securities, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>10794378</soleVotingPower>
        <sharedVotingPower>13188464</sharedVotingPower>
        <soleDispositivePower>10794378</soleDispositivePower>
        <sharedDispositivePower>13188464</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>13188464</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>5.1</classPercent>
      <typeOfReportingPerson>BD</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>MicroStrategy Incorporated</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1850 Towers Crescent Plaza, Tysons Corner, VA 22182</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>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</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>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</principalBusinessOfficeOrResidenceAddress>
        <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.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>BD</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>
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.
</amountBeneficiallyOwned>
        <classPercent>5.1</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>
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.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>
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.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>
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.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>
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. </sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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.</certifications>
      </item10>
    </items>
    <exhibitInfo>	EXHIBIT INDEX

EXHIBIT					DESCRIPTION
________				________
24						Limited Power of Attorney
99						Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Capital Ventures International</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Assistant Secretary of Susquehanna Advisors Group, Inc.</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Susquehanna Advisors Group, Inc.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Assistant Secretary</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>G1 Execution Services, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Secretary</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>SIG Brokerage, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Assistant Secretary</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Susquehanna Investment Group</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, General Counsel</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Susquehanna Securities, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Secretary</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>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.</signatureComments>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>sc13g_ex24.htm
<DESCRIPTION>LIMITED POWER OF ATTORNEY
<TEXT>
<html><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 24</b></p><p style="text-align: center"><b>LIMITED POWER OF ATTORNEY</b></p><div style="text-align: justify;"><p>THIS LIMITED POWER OF ATTORNEY given on the 4th day of December, 2012 by Capital Ventures International (hereinafter called "the Company"), whose Registered Office is situated at Windward 1, Regatta Office Park, West Bay Road, Grand Cayman KY1-1103, Cayman Islands.</p><p>WHEREAS, by agreement dated December 4, 2012, by and between the Company and Susquehanna Advisors Group, Inc., the Company expressly authorized Susquehanna Advisors Group, Inc. to enter into transactions in certain designated areas as defined in the Discretionary Investment Management Agreement attached hereto marked "Appendix 1."</p><p>NOW THIS DEED WITNESSETH that William Walmsley, Director of the Company, hereby appoints on behalf of the Company the firm of SUSQUEHANNA ADVISORS GROUP, INC., which through its officers, directors and employees is hereby formally granted limited power of attorney for the purpose of entering into transactions on behalf and for the account of the Company and to take all actions on behalf of the Company as may be necessary to consummate such transactions, including but not limited to making, negotiating, signing, endorsing, executing, acknowledging and delivering in the name of the Company all applications, contracts, agreements, notes, statements, certificates, proxies and any other instruments of whatever kind and nature as may be necessary or proper in connection with the entering into of such transactions, instructing the transfer of funds where necessary with respect to such transactions, and performing all of the services specified under the Discretionary Investment Management Agreement with respect to such transactions.</p><p>IN WITNESS WHEREOF, the Company has caused this Limited Power of Attorney to take effect on the day and year above written.</p></div><p>&nbsp;</p><div style="margin-left: 50%"><p>Capital Ventures International</p><p style="margin: 0"><u>/s/ William Walmsley</u></p><p style="margin: 0">William Walmsley</p><p style="margin: 0">Director</p></div><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>mstr_sc13g-ex99.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<html><head></head><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 99</b></p><p style="text-align: center"><b>JOINT FILING AGREEMENT</b></p><p>This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Class A common stock, $0.001 par value per share of MicroStrategy Incorporated, is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</p><p>Dated as of August 13, 2025</p><p>CAPITAL VENTURES INTERNATIONAL</p><p style="margin-bottom: 0">By: Susquehanna Advisors Group, Inc.</p><p style="margin-top: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant to a Limited Power of Attorney</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Assistant Secretary</p><p>SUSQUEHANNA ADVISORS GROUP, INC.</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Assistant Secretary</p><p>G1 EXECUTION SERVICES, LLC</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Secretary</p><p>SIG BROKERAGE, LP</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Assistant Secretary</p><p>SUSQUEHANNA INVESTMENT GROUP</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: General Counsel</p><p>SUSQUEHANNA SECURITIES, LLC</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Secretary</p><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
