Strategy director exercises options, sells 475 shares

The reported exercise and sale each involved 475 shares, while 24,850 shares remained under the option afterward.

Rhea-AI Filing Summary

Strategy Inc (MSTR) director Jarrod M. Patten exercised options for 475 shares of Class A Common Stock on September 22, 2026, at an exercise price of $18.236 per share, and reported a sale of 475 shares at $171 per share. After the exercise, 24,850 shares remained under the option; the footnote says 12,350 vested May 31, 2020, and 12,500 vested May 31, 2021. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Exercise and Sale: 475 shares ($73K approx. pre-tax spread)

Exercise and Sale 6 txns

Insider Patten Jarrod M

Role Director

Sold 475 shs ($81K)

Approx. gross sale proceeds $81K

Approx. exercise cost $9K

Approx. pre-tax spread $73K

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to buy) F1	475	$0.00	$0.00
Exercise	Class A Common Stock	475	$18.236	$9K
Sale	Class A Common Stock	475	$171.00	$81K
holding	Series A Perpetual Strife Preferred Stock	--	--	--
holding	Series A Perpetual Stretch Preferred Stock	--	--	--
holding	Series A Perpetual Stride Preferred Stock	--	--	--

Holdings After Transaction: Director Stock Option (Right to buy) — 24,850 contracts (Direct); Class A Common Stock — 28,406 shares (Direct); Series A Perpetual Strife Preferred Stock — 10,000 shares (Direct); Series A Perpetual Stretch Preferred Stock — 29,335 shares (Direct); Series A Perpetual Stride Preferred Stock — 5,000 shares (Direct)

Footnotes (1)

1. F1. Of the 475 shares exercised on September 22, 2026 pursuant to this option, 325 vested on May 31, 2019, and 150 vested on May 31, 2020. Of the remaining 24,850 shares pursuant to this option, 12,350 vested on May 31, 2020, and 12,500 shares vested on May 31, 2021.

Key Figures

Options exercised: 475 shares Exercise price: $18.236 per share Shares sold: 475 shares +2 more

5 metrics

Options exercised 475 shares September 22, 2026

Exercise price $18.236 per share Options exercised September 22, 2026

Shares sold 475 shares September 22, 2026

Sale price $171 per share Sale on September 22, 2026

Option shares remaining 24,850 shares After the exercise on September 22, 2026

Key Terms

Director Stock Option (Right to buy), derivative security, Series A Perpetual Strife Preferred Stock

3 terms

Director Stock Option (Right to buy) financial

"Director Stock Option (Right to buy)"

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Series A Perpetual Strife Preferred Stock financial

"Series A Perpetual Strife Preferred Stock"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MSTR shares did director Jarrod M. Patten sell?

Jarrod M. Patten reported selling 475 shares of Class A Common Stock at $171 per share on September 22, 2026.

What were the exercise terms for Jarrod M. Patten's MSTR options?

He exercised options for 475 shares of Class A Common Stock at $18.236 per share on September 22, 2026.

How many MSTR option shares remained after the exercise?

24,850 shares remained pursuant to the option after the exercise. The footnote states that 12,350 of the remaining shares vested on May 31, 2020, and 12,500 vested on May 31, 2021.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/23/2026 - 04:01 PM Accepted by SEC EDGAR 09/23/2026 - 04:01 PM Learn about SEC filing dates

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).

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^*

Patten Jarrod M

(Last) (First) (Middle)

C/O STRATEGY INC

1850 TOWERS CRESCENT PLAZA

(Street)

TYSONS CORNER VIRGINIA 22182

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2026

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

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

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

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	09/22/2026		M		475	A	$18.236	28,881	D
Class A Common Stock	09/22/2026		S		475	D	$171	28,406	D
Series A Perpetual Strife Preferred Stock								10,000	D
Series A Perpetual Stretch Preferred Stock								29,335	D
Series A Perpetual Stride Preferred Stock								5,000	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
Director Stock Option (Right to buy)	$18.236	09/22/2026		M			475	(1)	05/31/2027	Class A Common Stock	475	$0	24,850	D

Explanation of Responses:

1. Of the 475 shares exercised on September 22, 2026 pursuant to this option, 325 vested on May 31, 2019, and 150 vested on May 31, 2020. Of the remaining 24,850 shares pursuant to this option, 12,350 vested on May 31, 2020, and 12,500 shares vested on May 31, 2021.

	/s/ Allein Sabel, Attorney-in-Fact	09/23/2026
	** 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.
* Form 4: SEC 1474 (03-26)