Strategy Inc (MSTR) director exercises options and sells 1,400 shares

Rhea-AI Filing Summary

Strategy Inc director Jarrod M. Patten exercised stock options for 700 shares of Class A Common Stock on March 31, 2026 and another 700 shares on April 1, 2026 at an exercise price of $18.654 per share.

On the same dates he sold 700 shares at a weighted average price of about $122.007 and 700 shares at $124.640 in open-market transactions. Following these trades, he directly held 28,000 Class A Common shares, along with disclosed holdings of Series A Perpetual preferred stock classes.

Insider Trade Summary

Net Seller: 1,400 shares ($172,653)

Net Sell 9 txns

Insider Patten Jarrod M

Role Director

Sold 1,400 shs ($173K)

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to buy)	700	$0.00	--
Exercise	Class A Common Stock	700	$18.654	$13K
Sale	Class A Common Stock	700	$122.007	$85K
Exercise	Director Stock Option (Right to buy)	700	$0.00	--
Exercise	Class A Common Stock	700	$18.654	$13K
Sale	Class A Common Stock	700	$124.64	$87K
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) — 47,200 shares (Direct); Class A Common Stock — 28,700 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. The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $121.990 to $122.030, inclusive. The reporting person undertakes to provide to Strategy Inc ("Strategy"), any security holder of Strategy, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote. The 700 shares exercised on March 31, 2026 pursuant to this option vested on May 31, 2017. Of the remaining 47,900 shares subject to this option, 10,400 shares vested on May 31, 2017, 12,500 shares vested on May 31, 2018, 12,500 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. The 700 shares exercised on April 1, 2026 pursuant to this option vested on May 31, 2017. Of the remaining 47,200 shares subject to this option, 9,700 shares vested on May 31, 2017, 12,500 shares vested on May 31, 2018, 12,500 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020.

Key Figures

Options exercised (Mar 31): 700 shares Options exercised (Apr 1): 700 shares Sale price (Mar 31): $124.640 per share +5 more

8 metrics

Options exercised (Mar 31) 700 shares Director Stock Option, exercise price $18.654 per share

Options exercised (Apr 1) 700 shares Director Stock Option, exercise price $18.654 per share

Sale price (Mar 31) $124.640 per share 700 Class A Common shares sold

Weighted avg sale price (Apr 1) $122.007 per share 700 Class A Common shares sold; trades from $121.990 to $122.030

Common shares after transactions 28,000 shares Class A Common Stock held directly following reported trades

Series A Perpetual Strife Preferred 10,000 shares Direct holding as of March 31, 2026

Series A Perpetual Stretch Preferred 29,335 shares Direct holding as of March 31, 2026

Series A Perpetual Stride Preferred 5,000 shares Direct holding as of March 31, 2026

Key Terms

Director Stock Option (Right to buy), weighted average price, Series A Perpetual Strife Preferred Stock, Series A Perpetual Stretch Preferred Stock, +2 more

6 terms

Director Stock Option (Right to buy) financial

"security_title: "Director Stock Option (Right to buy)""

weighted average price financial

"The reported price is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Series A Perpetual Strife Preferred Stock financial

"security_title: "Series A Perpetual Strife Preferred Stock""

Series A Perpetual Stretch Preferred Stock financial

"security_title: "Series A Perpetual Stretch Preferred Stock""

Series A Perpetual Stride Preferred Stock financial

"security_title: "Series A Perpetual Stride Preferred Stock""

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 Insider Transactions: What Each Field Means →

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)
03/31/2026

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	03/31/2026		M		700	A	$18.654	28,700	D
Class A Common Stock	03/31/2026		S		700	D	$124.64	28,000	D
Class A Common Stock	04/01/2026		M		700	A	$18.654	28,700	D
Class A Common Stock	04/01/2026		S		700	D	$122.007(1)	28,000	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)	$18.654	03/31/2026		M			700	(2)	05/31/2026	Class A Common Stock	700	$0	47,900	D
Director Stock Option (Right to buy)	$18.654	04/01/2026		M			700	(3)	05/31/2026	Class A Common Stock	700	$0	47,200	D

Explanation of Responses:

1. The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $121.990 to $122.030, inclusive. The reporting person undertakes to provide to Strategy Inc ("Strategy"), any security holder of Strategy, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote.

2. The 700 shares exercised on March 31, 2026 pursuant to this option vested on May 31, 2017. Of the remaining 47,900 shares subject to this option, 10,400 shares vested on May 31, 2017, 12,500 shares vested on May 31, 2018, 12,500 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020.

3. The 700 shares exercised on April 1, 2026 pursuant to this option vested on May 31, 2017. Of the remaining 47,200 shares subject to this option, 9,700 shares vested on May 31, 2017, 12,500 shares vested on May 31, 2018, 12,500 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020.

	/s/ Allein Sabel, Attorney-in-Fact	04/02/2026
	** 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)

FAQ

What did MSTR director Jarrod Patten do in this Form 4 filing?

Jarrod M. Patten exercised options for 1,400 Strategy Inc Class A shares at $18.654, then sold 1,400 shares in open-market trades. The filing shows routine option exercise-and-sell activity by a director, not a new grant.

How many Strategy Inc (MSTR) shares did the director sell?

The director sold 1,400 Class A Common shares in total, split into two 700-share sales. One sale priced around $122.007 per share, the other at $124.640 per share, according to the reported transaction details.

What prices were reported for the MSTR stock sales?

One 700-share sale used a weighted average price of about $122.007, with trades ranging from $121.990 to $122.030. The other 700-share sale was reported at $124.640 per share in open-market or private transactions.

How many Strategy Inc (MSTR) shares does the director own after these trades?

After the reported transactions, Jarrod M. Patten directly held 28,000 shares of Strategy Inc Class A Common Stock. The Form 4 also lists direct holdings of several Series A Perpetual preferred stock classes with specified share counts.

Were these MSTR transactions option exercises or open-market buys?

The acquisitions came from option exercises, not open-market buying. The director exercised Director Stock Options at $18.654 per share to receive 1,400 Class A shares, then sold the same number of shares in open-market transactions shortly afterward.

Does the MSTR Form 4 mention any special trading arrangements?

The footnotes describe a weighted average sale price range and vesting details for the exercised options. They do not reference any Rule 10b5-1 trading plan or similar pre-arranged program in the provided excerpt.