[Form 4] Strategy Inc Insider Trading Activity

Rhea-AI Filing Summary

Strategy Inc's EVP and General Counsel, a reporting officer of MSTR, reported option exercises and related stock sales under a prearranged Rule 10b5-1 trading plan. On November 14, 2025, he exercised 2,600 employee stock options at an exercise price of $69.123 per share for Class A common stock, then sold 2,600 shares at $200.48 per share, leaving 32,726 Class A common shares directly owned. On November 17, 2025, he repeated this pattern, exercising another 2,600 options at $69.123 and selling 2,600 shares at $200 per share, with direct ownership again shown as 32,726 Class A shares.

After these transactions, he also reports direct holdings of 500 shares of Series A Perpetual Strife Preferred Stock, 15,000 shares of Series A Perpetual Stretch Preferred Stock, and 3,527 shares of Series A Perpetual Stride Preferred Stock. The filing notes that these trades occur as he prepares to retire effective December 31, 2025, consistent with a previously disclosed retirement plan.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shao Wei-Ming

(Last) (First) (Middle)

C/O STRATEGY INC

1850 TOWERS CRESCENT PLAZA

(Street)

TYSONS CORNER VA 22182

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Strategy Inc [ MSTR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/14/2025		M(1)		2,600	A	$69.123	35,326	D
Class A Common Stock	11/14/2025		S(1)		2,600	D	$200.48	32,726	D
Class A Common Stock	11/17/2025		M(1)		2,600	A	$69.123	35,326	D
Class A Common Stock	11/17/2025		S(1)		2,600	D	$200	32,726	D
Series A Perpetual Strife Preferred Stock								500	D
Series A Perpetual Stretch Preferred Stock								15,000	D
Series A Perpetual Stride Preferred Stock								3,527	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to buy)	$69.123	11/14/2025		M(1)			2,600	(2)	02/23/2031	Class A Common Stock	2,600	$0	178,798	D
Employee Stock Option (Right to buy)	$69.123	11/17/2025		M(1)			2,600	(3)	02/23/2031	Class A Common Stock	2,600	$0	176,198	D

Explanation of Responses:

1. The transactions reported were effected pursuant to a Rule 10b5-1 trading plan established by the reporting person on July 11, 2025. As previously disclosed in Strategy Inc's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 1, 2025, the reporting person informed the issuer of his intention to retire effective December 31, 2025.

2. The 2,600 shares exercised on November 14, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 178,798 shares subject to this option, 28,798 shares vested on February 23, 2022, 50,000 shares vested on February 23, 2023, 50,000 shares vested on February 23, 2024 and 50,000 shares vested on February 23, 2025.

3. The 2,600 shares exercised on November 17, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 176,198 shares subject to this option, 26,198 shares vested on February 23, 2022, 50,000 shares vested on February 23, 2023, 50,000 shares vested on February 23, 2024 and 50,000 shares vested on February 23, 2025.

	/s/ Allein Sabel, Attorney-in-Fact	11/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did MSTR's EVP & General Counsel report on this Form 4?

The EVP & General Counsel of Strategy Inc (MSTR) reported exercising 2,600 employee stock options and selling 2,600 Class A common shares on November 14, 2025, and again exercising 2,600 options and selling 2,600 shares on November 17, 2025.

At what prices were the MSTR options exercised and shares sold?

Each batch of options was exercised at an exercise price of $69.123 per share. On November 14, 2025, the 2,600 shares were sold at $200.48 per share, and on November 17, 2025, 2,600 shares were sold at $200 per share.

How many MSTR Class A common shares does the reporting person own after these transactions?

Following the reported transactions, the Form 4 shows the officer directly owning 32,726 shares of Strategy Inc Class A common stock.

Were these MSTR trades made under a Rule 10b5-1 trading plan?

Yes. The filing states that the transactions were effected pursuant to a Rule 10b5-1 trading plan established by the reporting person on July 11, 2025.

What is the connection between these transactions and the executive's retirement from MSTR?

The explanation notes that the reporting person had previously informed Strategy Inc of his intention to retire effective December 31, 2025, and these trades occur pursuant to that plan as disclosed in an earlier Form 8-K.

What preferred stock holdings of Strategy Inc does the insider report?

The officer reports direct ownership of 500 shares of Series A Perpetual Strife Preferred Stock, 15,000 shares of Series A Perpetual Stretch Preferred Stock, and 3,527 shares of Series A Perpetual Stride Preferred Stock.

How many employee stock options on MSTR stock remain after these transactions?

The Form 4 shows 178,798 employee stock options beneficially owned after the November 14, 2025 exercise and 176,198 options after the November 17, 2025 exercise, each with an exercise price of $69.123 and an expiration date of February 23, 2031.