EVP Shao Wei-Ming exercises options and monetizes 10,000 Strategy Inc shares

Rhea-AI Filing Summary

Summary of Form 4 filing for Strategy Inc (MSTR)

EVP & General Counsel Shao Wei-Ming reported transactions on 09/18/2025. He exercised an employee stock option to buy 10,000 shares of Class A common stock at an exercise price of $40.46 and immediately sold 10,000 shares in multiple transactions at a weighted-average sale price of $355.789. After these transactions he beneficially owns 22,726 Class A shares. The filer also reports disposal of preferred stakes: 500 shares of Series A Perpetual Strife, 15,000 of Series A Perpetual Stretch, and 3,527 of Series A Perpetual Stride. The option underlying the exercised shares has 129,100 remaining shares subject to it, with specified vesting dates through 02/17/2026.

Positive

• Realized substantial gain per share by exercising at $40.46 and selling at a weighted-average of $355.789
• Retained meaningful upside via 129,100 option shares remaining subject to future vesting
• Form 4 includes explanatory footnotes clarifying sale price range and vesting schedule, improving transparency

Negative

• Significant reduction in immediate common stock holdings due to sale of 10,000 shares
• Disposal of multiple preferred share series (Strife, Stretch, Stride) without disclosed prices limits clarity on proceeds or impact

Insights

Securities Analyst

TL;DR: Insider exercised options and monetized 10,000 shares at a high realized price, reducing immediate equity exposure but retaining substantial option upside.

The filing shows an option exercise at $40.46 and an immediate sale at a weighted-average price of $355.789, which crystallizes a large gain per share for the reporting person. Post-transaction direct beneficial ownership of Class A common stock stands at 22,726 shares while 129,100 option shares remain outstanding under the option with scheduled vesting through February 2026. The sale was executed in multiple trades across a narrow price range, per the footnote, indicating routine liquidity management rather than large block-market timing. Preferred share disposals are noted but no prices are disclosed for those preferred security disposals in the form.

Corporate Governance Expert

TL;DR: Officer complied with Section 16 reporting; transaction appears routine and accompanied by required disclosures.

The Form 4 is properly completed with the reporting person identified as an officer and director, and includes the required explanation footnotes about weighted-average sale pricing and vesting schedule for the option. The signature by an attorney-in-fact is included, indicating the filing was executed by a representative. There are no indications in the filing of undisclosed related-party transactions or atypical trading codes beyond exercise and sale.

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

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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^*

Shao Wei-Ming

(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 & General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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	09/18/2025		M		10,000	A	$40.46	22,726	D
Class A Common Stock	09/18/2025		S		10,000	D	$355.789(1)	12,726	D
Series A Perpetual Strife Preferred Stock								500	D
Series A Perpetual Stretch Preferred Stock								15,000	D
Series A Perpetual Stride Preferred Stock								3,527	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)	$40.46	09/18/2025		M			10,000	(2)	02/17/2032	Class A Common Stock	10,000	$0	129,100	D

Explanation of Responses:

1. The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $355.62 to $355.95, inclusive. The reporting person undertakes to provide to Strategy Inc ("Strategy"), any security holder of Strategy, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each price within the ranges set forth in this footnote.

2. The 10,000 shares exercised on September 18, 2025 pursuant to this option vested on February 17, 2024. Of the remaining 129,100 shares subject to this option, 29,100 shares vested on February 17, 2024, 50,000 shares vested on February 17, 2025 and 50,000 shares are scheduled to vest on February 17, 2026.

	/s/ Allein Sabel, Attorney-in-Fact	09/22/2025
	** 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.
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FAQ

What did Strategy Inc insider Shao Wei-Ming do on 09/18/2025?

He exercised an employee option for 10,000 Class A shares at $40.46 and sold 10,000 shares at a weighted-average price of $355.789.

How many Class A shares does the reporting person own after the transactions?

22,726 Class A common shares beneficially owned following the reported transactions.

How many option shares remain after the exercise?

129,100 shares remain subject to the option after exercising 10,000 shares; scheduled vesting occurs through 02/17/2026.

Were the sale prices for the 10,000 shares uniform?

No. The sale occurred in multiple transactions at prices ranging from $355.62 to $355.95; the form reports a weighted-average of $355.789.

Did the Form 4 disclose prices for the preferred share disposals?

No. The filing lists disposals of Series A Perpetual Strife, Stretch, and Stride preferred shares but does not provide sale prices for those disposals.