EVP & CFO Kang exercises options at $19.744 and sells shares at $390–$400

Rhea-AI Filing Summary

Andrew Kang, listed as EVP & CFO, reported exercising 18,750 Class A common shares on 08/07/2025 under an employee stock option with a conversion/exercise price of $19.744. The filing states those 18,750 shares vested on 05/18/2024.

On the same date he reported three sales of 6,250 shares each at $390, $395 and $400. After these transactions the filing shows direct beneficial ownership of Class A common stock of 24,460 shares. The option cited has 87,500 remaining shares subject to it with vesting: 12,500 vested 05/18/2024, 37,500 vested 05/18/2025, and 37,500 scheduled to vest 05/18/2026.

Positive

• Exercise of 18,750 option shares at a stated conversion price of $19.744
• Three reported sales of 6,250 shares each at $390, $395, and $400—all explicitly disclosed
• Remaining option holdings quantified: 87,500 shares subject to the option with specific vesting dates

Negative

• Direct holdings reduced to 24,460 Class A shares after the reported sales
• Substantial disposition of 18,750 shares on a single day by an executive, which may reduce insider share exposure

Insights

Securities Analyst

TL;DR: EVP exercised 18,750 options at $19.744 and immediately sold the same number of shares in three tranches at $390–$400.

The filing shows a routine insider exercise-and-sale on 08/07/2025: an in-the-money option exercise at a $19.744 strike followed by three block sales of 6,250 shares each at $390, $395, and $400. The transactions reduced direct holdings to 24,460 shares while leaving 87,500 option shares outstanding on a defined vesting schedule. For investors, this is a liquidity event by management rather than a corporate action; it signals option monetization but does not, by itself, change company capital structure.

Corporate Governance Expert

TL;DR: Insider disclosure is complete and includes vesting schedule; transactions appear documented and signed by attorney-in-fact.

The Form 4 details exercised options, corresponding sales, and a clear vesting timeline: vested tranches on 05/18/2024 and 05/18/2025, with remaining vesting on 05/18/2026. The signature block shows filing was executed by an attorney-in-fact on 08/11/2025. From a governance perspective, the filing meets Section 16 transparency expectations by reporting both acquisition and disposition amounts and the remaining derivative position.

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
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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^*

Kang Andrew

(Last) (First) (Middle)

C/O STRATEGY INC

1850 TOWERS CRESCENT PLAZA

(Street)

TYSONS CORNER VA 22182

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

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
Class A Common Stock	08/07/2025		M		18,750	A	$19.744	43,210	D
Class A Common Stock	08/07/2025		S		6,250	D	$390	36,960	D
Class A Common Stock	08/07/2025		S		6,250	D	$395	30,710	D
Class A Common Stock	08/07/2025		S		6,250	D	$400	24,460	D
Series A Perpetual Stretch Preferred Stock								2,800	D
Series A Perpetual Stride Preferred Stock								2,250	D
Series A Perpetual Strife Preferred Stock								1,500	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
Employee Stock Option (Right to buy)	$19.744	08/07/2025		M			18,750	(1)	05/18/2032	Class A Common Stock	18,750	$0	87,500	D

Explanation of Responses:

1. The 18,750 shares exercised on August 7, 2025 pursuant to this option vested on May 18, 2024. Of the remaining 87,500 shares subject to this option, 12,500 shares vested on May 18, 2024, 37,500 shares vested on May 18, 2025, and 37,500 shares are scheduled to vest on May 18, 2026.

	/s/ Allein Sabel, Attorney-in-Fact	08/11/2025
	** 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 the Form 4 disclose for STRK on 08/07/2025?

The Form 4 reports that EVP & CFO Andrew Kang exercised 18,750 option shares at $19.744 and sold 18,750 Class A shares in three tranches at $390, $395, and $400 on 08/07/2025.

How many option shares remain subject to the reporting person's grant?

The filing shows 87,500 shares remain subject to the employee stock option, with vesting of 12,500 (05/18/2024), 37,500 (05/18/2025), and 37,500 (scheduled 05/18/2026).

What is Andrew Kang's direct beneficial ownership after the transactions?

The Form 4 shows direct beneficial ownership of Class A common stock of 24,460 shares following the reported transactions.

At what prices were the shares sold in these transactions?

The sale transactions reported on 08/07/2025 were at $390, $395, and $400 per share for blocks of 6,250 shares each.

Who signed or filed the Form 4?

The filing shows the form was signed by Allein Sabel, Attorney-in-Fact on 08/11/2025.