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

Insider Trade Summary

Exercise and Sale: 43,750 shares ($16.53M approx. pre-tax spread)

Exercise and Sale 5 txns

Insider Montgomery Jeanine

Role VP & CAO

Sold 43,750 shs ($18.84M)

Approx. gross sale proceeds $18.84M

Approx. exercise cost $2.31M

Approx. pre-tax spread $16.53M

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (Right to buy)	18,750	$0.00	$0.00
Exercise	Employee Stock Option (Right to buy)	25,000	$0.00	$0.00
Exercise	Class A Common Stock	18,750	$69.123	$1.30M
Exercise	Class A Common Stock	25,000	$40.46	$1.01M
Sale	Class A Common Stock	43,750	$430.54	$18.84M

Holdings After Transaction: Employee Stock Option (Right to buy) — 15,000 contracts (Direct); Class A Common Stock — 8,606 shares (Direct)

Footnotes (3)

1. F1. Includes 1 share that was previously inadvertently reported as sold by the Reporting Person due to a clerical error.
2. F2. The 18,750 shares exercised on July 11, 2025 pursuant to this option vested on February 23, 2025.
3. F3. Of the 25,000 shares exercised on July 11, 2025 pursuant to this option, 2,500 shares vested on February 17, 2023, 12,500 shares vested on February 17, 2024, and 10,000 shares vested on February 17, 2025. Of the remaining 15,000 shares subject to this option, 2,500 shares vested on February 17, 2025 and 12,500 shares are scheduled to vest on February 17, 2026.

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Accepted by SEC EDGAR 07/15/2025 - 04:05 PM Learn about SEC filing dates

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^*

Montgomery Jeanine

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025

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	07/11/2025		M		18,750	A	$69.123	27,356(1)	D
Class A Common Stock	07/11/2025		M		25,000	A	$40.46	52,356	D
Class A Common Stock	07/11/2025		S		43,750	D	$430.54	8,606	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)	$69.123	07/11/2025		M			18,750	(2)	02/23/2031	Class A Common Stock	18,750	$0	0	D
Employee Stock Option (Right to buy)	$40.46	07/11/2025		M			25,000	(3)	02/17/2032	Class A Common Stock	25,000	$0	15,000	D

Explanation of Responses:

1. Includes 1 share that was previously inadvertently reported as sold by the Reporting Person due to a clerical error.

2. The 18,750 shares exercised on July 11, 2025 pursuant to this option vested on February 23, 2025.

3. Of the 25,000 shares exercised on July 11, 2025 pursuant to this option, 2,500 shares vested on February 17, 2023, 12,500 shares vested on February 17, 2024, and 10,000 shares vested on February 17, 2025. Of the remaining 15,000 shares subject to this option, 2,500 shares vested on February 17, 2025 and 12,500 shares are scheduled to vest on February 17, 2026.

	/s/ Allein Sabel, Attorney-in-Fact	07/15/2025
	** 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.