Strategy Inc (MSTR) director exercises stock options and sells 700 common shares

Rhea-AI Filing Summary

Strategy Inc director Patten Jarrod M exercised stock options and made a small related share sale. On March 30, 2026, he exercised options for 700 shares of Class A Common Stock at $18.654 per share, then sold 700 shares in an open-market transaction at $128.04 per share, a typical exercise-and-sell pattern that converts options into cash.

After these transactions, he directly holds 28,000 shares of Class A Common Stock and retains an option covering 48,600 additional shares. The footnote explains that the option shares vest in tranches between May 31, 2017 and May 31, 2020. The filing also lists direct holdings of several Series A perpetual preferred stock classes as of the same date.

Insider Trade Summary

Net Seller: 700 shares ($89,628)

Net Sell 6 txns

Insider Patten Jarrod M

Role Director

Sold 700 shs ($90K)

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	$128.04	$90K
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) — 48,600 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)

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Key Figures

Options exercised: 700 shares Exercise price: $18.654 per share Shares sold: 700 shares +5 more

8 metrics

Options exercised 700 shares Director Stock Option exercised on March 30, 2026

Exercise price $18.654 per share Director Stock Option for Class A Common Stock

Shares sold 700 shares Class A Common Stock open-market sale on March 30, 2026

Sale price $128.04 per share Class A Common Stock sale

Common shares after transactions 28,000 shares Direct Class A Common Stock holdings following transactions

Option shares remaining 48,600 shares Director Stock Option shares remaining after 700-share exercise

Series A Strife Preferred 10,000 shares Direct holdings of Series A Perpetual Strife Preferred Stock

Series A Stretch Preferred 29,335 shares Direct holdings of Series A Perpetual Stretch Preferred Stock

Key Terms

Director Stock Option, Class A Common Stock, open-market sale, Perpetual Preferred Stock, +1 more

5 terms

Director Stock Option financial

"Director Stock Option (Right to buy)"

Class A Common Stock financial

"underlying_security_title: "Class A Common Stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

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.

Perpetual Preferred Stock financial

"Series A Perpetual Strife Preferred Stock"

A perpetual preferred stock is a type of share that behaves like a forever-lasting, fixed-income investment: it pays regular dividends and has no set maturity date, yet it represents ownership rather than a loan. It ranks ahead of common stock for dividend payments and in liquidation, so investors treat it as a mix between a bond and an equity stake; its value depends largely on the issuer’s credit and prevailing interest rates.

exercise or conversion of derivative security financial

"transaction_code_description: "Exercise or conversion of derivative security""

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)
03/30/2026

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	03/30/2026		M		700	A	$18.654	28,700	D
Class A Common Stock	03/30/2026		S		700	D	$128.04	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	03/30/2026		M			700	(1)	05/31/2026	Class A Common Stock	700	$0	48,600	D

Explanation of Responses:

1. The 700 shares exercised on March 30, 2026 pursuant to this option vested on May 31, 2017. Of the remaining 48,600 shares subject to this option, 11,100 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	03/31/2026
	** 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 Patten Jarrod M do in this Form 4 filing?

Director Patten Jarrod M exercised 700 stock options and sold 700 common shares. This turned option-based compensation into cash while leaving a sizable remaining equity position and unexercised options in Strategy Inc.

How many Strategy Inc (MSTR) shares did the director sell and at what price?

He sold 700 shares of Class A Common Stock at $128.04 per share. This open-market transaction followed the exercise of 700 stock options at a much lower exercise price, reflecting a standard exercise-and-sell sequence.

What stock options did the MSTR director exercise in this transaction?

He exercised Director Stock Options covering 700 shares at an exercise price of $18.654 per share. The related footnote states the broader option award vests in annual tranches from May 31, 2017 through May 31, 2020.

How many Strategy Inc (MSTR) common shares does the director own after the Form 4 transactions?

Following the March 30, 2026 activity, he directly owns 28,000 shares of Class A Common Stock. This figure reflects his position after exercising 700 options and selling 700 shares in the same general time frame.

How many stock options remain for the MSTR director after this exercise?

After exercising 700 shares, 48,600 shares remain subject to his Director Stock Option. The footnote explains that these remaining shares were scheduled to vest in four annual installments between 2017 and 2020 under the original grant terms.

What preferred stock holdings are disclosed for the MSTR director in this filing?

The filing lists direct holdings of Series A Perpetual Strife Preferred Stock, Series A Perpetual Stretch Preferred Stock, and Series A Perpetual Stride Preferred Stock. The disclosed balances are 10,000, 29,335, and 5,000 shares respectively as of the reported date.