[Form 4] MicroStrategy Incorporated 8.00% Series A Perpetual Strike Preferred Stock Insider Trading Activity

Rhea-AI Filing Summary

MicroStrategy Inc. (MSTR) – Form 4 insider transaction filed 07/29/2025. Director Peter L. Briger Jr., through affiliated entity 726 BF LLC, purchased 220,000 shares of the company’s new Series A Perpetual Stretch Preferred Stock at the $90.00 public-offering price. The acquisition represents an indirect beneficial ownership stake valued at roughly $19.8 million and constitutes the reporting person’s entire disclosed holding in this class following the transaction. No derivative securities were reported. Briger remains a non-executive director; no change to board composition or executive roles was disclosed.

The sizable insider purchase, executed in the same underwritten offering made available to the public, may signal confidence in the preferred security’s yield and MicroStrategy’s capital-raising strategy. There are no sales, option exercises, or other dispositions noted, and no additional footnotes beyond standard disclaimer language.

Positive

• $19.8 M insider purchase demonstrates director confidence in new preferred issuance
• Adds board-level skin in the game, aligning interests with other preferred holders

Negative

• None.

Insights

Equity Analyst

TL;DR: Director buys $19.8 M of new preferred; signals insider confidence, modestly positive.

The transaction adds a meaningful insider position in MicroStrategy’s high-yield Series A preferred, suggesting the director anticipates attractive risk-adjusted returns and stability of distributions. Because the purchase occurred at the IPO price, it does not imply information asymmetry but still aligns director incentives with preferred shareholders. While the deal doesn’t alter common-equity economics or operating outlook, insider buying of this magnitude typically supports sentiment and could aid secondary market pricing for the preferred. No negatives—such as concurrent sales—appear. Overall impact: mildly accretive to investor perception.

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).

1. Name and Address of Reporting Person^*

Briger Peter L JR

(Last) (First) (Middle)

C/O MICROSTRATEGY INCORPORATED

1850 TOWERS CRESCENT PLAZA

(Street)

TYSONS CORNER VA 22182

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

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
Series A Perpetual Stretch Preferred Stock	07/29/2025		P		220,000	A	$90(1)	220,000	I	726 BF LLC(2)

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

Explanation of Responses:

1. Represents shares purchased in connection with the underwritten public offering of MicroStrategy Incorporated d/b/a Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock. These shares were purchased at the public offering price of $90.00 per share.

2. The reporting person is the manager of the limited liability company that owns the reported shares. The reporting person disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest therein.

	/s/ Allein Sabel, Attorney-in-Fact	07/29/2025
	** 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 did MicroStrategy (MSTR) disclose in the Form 4?

Director Peter L. Briger Jr. bought 220,000 Series A Perpetual Stretch Preferred shares at $90 each on 07/29/2025.

How large is the insider purchase in dollar terms?

Approximately $19.8 million (220,000 × $90).

Is the ownership direct or indirect?

Indirect; the shares are held by 726 BF LLC, managed by the reporting person.

Were any shares sold or options exercised?

No. The filing reports only an acquisition; there are no dispositions or derivative transactions.

Does this affect MicroStrategy’s common stock?

The transaction pertains solely to the preferred class and does not dilute or alter common-share economics.