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

Signature
/s/ Allein Sabel, Attorney-in-Fact
Issuer symbol
MSTR
Transactions as of
18 Nov 2025
Transactions value $
-$685,812
Form type
4
Filing time
20 Nov 2025, 16:30:03
Previous filing
18 Nov 2025

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 20 Nov 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 $180K +2.6K +7.94% $69.12 35.3K 18 Nov 2025 Direct F1
transaction MSTR Class A Common Stock Sale -$520K -2.6K -7.36% $200.00 32.7K 18 Nov 2025 Direct F1
transaction MSTR Class A Common Stock Options Exercise $180K +2.6K +7.94% $69.12 35.3K 19 Nov 2025 Direct F1
transaction MSTR Class A Common Stock Sale -$525K -2.6K -7.36% $202.02 32.7K 19 Nov 2025 Direct F1
holding MSTR Series A Perpetual Strife Preferred Stock 500 18 Nov 2025 Direct
holding MSTR Series A Perpetual Stretch Preferred Stock 15K 18 Nov 2025 Direct
holding MSTR Series A Perpetual Stride Preferred Stock 3.53K 18 Nov 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 -2.6K -1.48% $0.00 174K 18 Nov 2025 Class A Common Stock 2.6K $69.12 Direct F1, F2
transaction MSTR Employee Stock Option (Right to buy) Options Exercise $0 -2.6K -1.5% $0.00 171K 19 Nov 2025 Class A Common Stock 2.6K $69.12 Direct F1, F3
* 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 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 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 2,600 shares exercised on November 18, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 173,598 shares subject to this option, 23,598 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.
F3 The 2,600 shares exercised on November 19, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 170,998 shares subject to this option, 20,998 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.