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

Rhea-AI Filing Summary

Amended Form 4 filing: On 06/16/2025, Tracy Ward, Senior Vice President & Controller of BlackSky Technology Inc. (BKSY), exercised employee stock options (code M) and acquired 2,554 Class A common shares at an exercise price of $11.59 per share. Following the transaction, Ward now directly owns 45,107 shares of BKSY.

This Form 4/A corrects the share amounts originally reported on 06/25/2025, ensuring Section 16 compliance. The event represents an internal conversion of derivative securities rather than an open-market purchase or sale, so it does not affect outstanding share count, company cash flow, or near-term earnings.

While the additional holdings are modest relative to BlackSky’s public float, the exercise marginally increases insider ownership and may be viewed as a signal of management’s confidence. The prompt amendment also supports governance transparency by rectifying prior disclosure errors.

Positive

• Insider ownership increases by 2,554 shares, mildly aligning management interests with shareholders.
• Prompt correction of prior misreporting demonstrates commitment to transparent, compliant disclosures.

Negative

• Small transaction size (45,107 total shares held) is unlikely to influence BKSY’s share price or fundamentals.
• Initial misstatement on the original Form 4 could hint at minor weaknesses in internal reporting controls.

Insights

Financial Analyst

TL;DR: Minor option exercise, 2,554 shares; negligible valuation impact.

The transaction adds roughly US$29.6 k worth of stock (2,554 × $11.59) to the insider’s holdings—immaterial against BlackSky’s market capitalisation. No cash changes hands at the corporate level, and dilution is de minimis. From a market-moving perspective, the filing is neutral; however, a gradual uptick in insider ownership can support sentiment if repeated by multiple executives.

Corporate Governance Expert

TL;DR: Corrected Form 4 enhances disclosure accuracy; governance neutral.

The amendment rectifies previously misstated share counts, mitigating potential Section 16 non-compliance risk. Accurate insider reporting is critical for investor trust and regulatory adherence. Although the initial error suggests a minor lapse in internal controls, prompt correction limits reputational exposure. Overall governance impact is neutral, with a slight positive tilt toward transparency.

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^*

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)
07/01/2025

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

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)(1)	$373.3	07/01/2025		A		3,554		(2)	07/01/2035	Class A Common Stock	3,554	$0	3,554	D
Restricted Stock Units(1)	(3)	07/01/2025		A		2,678		(4)	(4)	Class A Common Stock	2,678	$0	2,678	D

Explanation of Responses:

1. These grants were made pursuant to the MicroStrategy Incorporated 2023 Equity Incentive Plan, as amended, which provides for the automatic grant of equity awards with an aggregate fair value of $2,000,000 (split evenly between restricted stock units and options) upon the initial election of a non-employee director to the Board of Directors of MicroStrategy Incorporated d/b/a Strategy ("Strategy"), vesting in equal annual installments over four years.

2. 25 percent of the shares subject to this option vest on the first anniversary of the grant date, and an additional 25 percent of the shares originally subject to this option vest on each anniversary thereafter until the option is vested in full.

3. Each restricted stock unit represents a contingent right to receive one share of Strategy class A common stock.

4. 25 percent of these restricted stock units vest on the first anniversary of the grant date, and an additional 25 percent of the original number of restricted stock units vest on each anniversary thereafter until the restricted stock units are vested in full.

	/s/ Allein Sabel, Attorney-in-Fact	07/03/2025
	** 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

Why did BlackSky (BKSY) file an amended Form 4?

The Form 4/A corrects the number of shares acquired and the total shares beneficially owned that were misstated in the 06/25/2025 filing.

How many BlackSky shares did SVP Tracy Ward acquire?

Ward acquired 2,554 Class A common shares through an option exercise.

What is Tracy Ward’s total BlackSky share ownership after the transaction?

Following the exercise, Ward directly owns 45,107 shares of BKSY.

At what price were the options exercised?

The shares were acquired at an exercise price of $11.59 per share.

Does this transaction affect BlackSky’s outstanding share count?

No material impact—option exercises are already factored into fully diluted share counts and do not involve open-market purchases.