Wei-Ming Shao - Nov 10, 2025 Form 4 Insider Report for Strategy Inc (MSTR)

Role
EVP & General Counsel
Signature
/s/ Allein Sabel, Attorney-in-Fact
Stock symbol
MSTR
Transactions as of
Nov 10, 2025
Transactions value $
-$1,845,869
Form type
4
Date filed
11/12/2025, 04:30 PM
Previous filing
Oct 9, 2025
Next filing
Nov 14, 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 2025-11-12 0001663488

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MSTR Class A Common Stock Options Exercise $369K +5.33K +41.91% $69.12 18.1K Nov 10, 2025 Direct F1
transaction MSTR Class A Common Stock Sale -$938K -3.77K -20.86% $248.94 14.3K Nov 10, 2025 Direct F1, F2
transaction MSTR Class A Common Stock Sale -$391K -1.57K -10.96% $249.56 12.7K Nov 10, 2025 Direct F1, F3
transaction MSTR Class A Common Stock Options Exercise $369K +5.33K +41.91% $69.12 18.1K Nov 11, 2025 Direct F1
transaction MSTR Class A Common Stock Sale -$753K -3.21K -17.75% $234.75 14.9K Nov 11, 2025 Direct F1, F4
transaction MSTR Class A Common Stock Sale -$363K -1.54K -10.36% $235.59 13.3K Nov 11, 2025 Direct F1, F5
transaction MSTR Class A Common Stock Sale -$139K -589 -4.42% $236.46 12.7K Nov 11, 2025 Direct F1
holding MSTR Series A Perpetual Strife Preferred Stock 500 Nov 10, 2025 Direct
holding MSTR Series A Perpetual Stretch Preferred Stock 15K Nov 10, 2025 Direct
holding MSTR Series A Perpetual Stride Preferred Stock 3.53K Nov 10, 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 -5.33K -2.67% $0.00 195K Nov 10, 2025 Class A Common Stock 5.33K $69.12 Direct F6
transaction MSTR Employee Stock Option (Right to buy) Options Exercise $0 -5.33K -2.74% $0.00 189K Nov 11, 2025 Class A Common Stock 5.33K $69.12 Direct F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 The transactions reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan established by the reporting person on July 11, 2025. As previously disclosed in Strategy Inc's ("Strategy") Current Report on Form 8-K filed with the Securities and Exchange Commission on July 1, 2025, the reporting person informed the issuer of his intention to retire effective December 31, 2025.
F2 The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $248.435 to $249.40, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.
F3 The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $249.52 to $250.04, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.
F4 The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $234.25 to $235.17, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.
F5 The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $235.39 to $236.235, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.
F6 The 5,334 shares exercised on November 10, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 194,666 shares subject to this option, 44,666 shares vested on February 23, 2022, 50,000 shares vested on February 23, 2023, 50,000 shares vested on February 23, 2024 and 50,000 shares vested on February 23, 2025.
F7 The 5,334 shares exercised on November 11, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 189,332 shares subject to this option, 39,332 shares vested on February 23, 2022, 50,000 shares vested on February 23, 2023, 50,000 shares vested on February 23, 2024 and 50,000 shares vested on February 23, 2025.