Wei-Ming Shao - 18 Sep 2025 Form 4 Insider Report for Strategy Inc (MSTR)

Role: EVP & General Counsel
Signature: /s/ Allein Sabel, Attorney-in-Fact
Issuer symbol: MSTR
Transactions as of: 18 Sep 2025
Transactions value $: -$3,153,290
Form type: 4
Filing time: 22 Sep 2025, 16:30:03
Previous filing: 16 Sep 2025
Next filing: 09 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Shao Wei-Ming	EVP & General Counsel	C/O STRATEGY INC, 1850 TOWERS CRESCENT PLAZA, TYSONS CORNER	/s/ Allein Sabel, Attorney-in-Fact	22 Sep 2025	0001663488

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MSTR	Class A Common Stock	Options Exercise	$405K	+10K	+78.58%	$40.46	22.7K	18 Sep 2025	Direct
transaction	MSTR	Class A Common Stock	Sale	-$3.56M	-10K	-44%	$355.79	12.7K	18 Sep 2025	Direct	F1
holding	MSTR	Series A Perpetual Strife Preferred Stock						500	18 Sep 2025	Direct
holding	MSTR	Series A Perpetual Stretch Preferred Stock						15K	18 Sep 2025	Direct
holding	MSTR	Series A Perpetual Stride Preferred Stock						3.53K	18 Sep 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MSTR	Employee Stock Option (Right to buy)	Options Exercise	$0	-10K	-7.19%	$0.00	129K	18 Sep 2025	Class A Common Stock	10K	$40.46	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.

Content

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.

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.