-snip-
Thanks for the stats. My source was an
article on investing.com which was skeptical about MSTR's prospects. They didn't claim that institutionals were the majority of the investors, but that a sub-group of institutionals depending on fixed-income products seem to be important for the company's business model because they can't access to other (cheaper) means to gain exposure to BTC, so MSTR has (had) a monopoly in that field.
One of the main sources in the Microstrategy business is the convertible bond trading community.
Michael Saylor has been riding the volatility of his stock to sell a lot of volatility to the hedge fund community, which bought the cheap convertible bonds, selling the shares (or better, selling bitcoin) and gaining when volatility in MSTR price goes up (and the multiplier grows).
This is why Michael Saylor has been quite profitable in selling very low-priced debt and keeping his debt costs low. Selling volatility to institutional investors, operating in a delta neutral way.