Strategy Inc — Director's Dealing 2025

Nov 14, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Strategy Inc (MSTR)
CIK: 0001050446
Period of Report: 2025-11-12

Reporting Person: Shao Wei-Ming (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-12	Class A Common Stock	M	20000	$40.46	Acquired	32726	Direct
2025-11-12	Class A Common Stock	M	5334	$69.123	Acquired	38060	Direct
2025-11-12	Class A Common Stock	S	309	$220.619	Disposed	37751	Direct
2025-11-12	Class A Common Stock	S	511	$221.90	Disposed	37240	Direct
2025-11-12	Class A Common Stock	S	629	$222.922	Disposed	36611	Direct
2025-11-12	Class A Common Stock	S	727	$224.064	Disposed	35884	Direct
2025-11-12	Class A Common Stock	S	853	$224.769	Disposed	35031	Direct
2025-11-12	Class A Common Stock	S	342	$225.999	Disposed	34689	Direct
2025-11-12	Class A Common Stock	S	455	$227.024	Disposed	34234	Direct
2025-11-12	Class A Common Stock	S	111	$227.888	Disposed	34123	Direct
2025-11-12	Class A Common Stock	S	48	$229.203	Disposed	34075	Direct
2025-11-12	Class A Common Stock	S	198	$230.439	Disposed	33877	Direct
2025-11-12	Class A Common Stock	S	187	$231.702	Disposed	33690	Direct
2025-11-12	Class A Common Stock	S	348	$232.964	Disposed	33342	Direct
2025-11-12	Class A Common Stock	S	490	$233.761	Disposed	32852	Direct
2025-11-12	Class A Common Stock	S	126	$234.431	Disposed	32726	Direct
2025-11-13	Class A Common Stock	M	2600	$69.123	Acquired	35326	Direct
2025-11-13	Class A Common Stock	S	2600	$223.667	Disposed	32726	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-12	Employee Stock Option (Right to buy)	$40.46	M	20000	Disposed	2032-02-17	Class A Common Stock (20000)	Direct
2025-11-12	Employee Stock Option (Right to buy)	$69.123	M	5334	Disposed	2031-02-23	Class A Common Stock (5334)	Direct
2025-11-13	Employee Stock Option (Right to buy)	$69.123	M	2600	Disposed	2031-02-23	Class A Common Stock (2600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series A Perpetual Strife Preferred Stock	500	Direct
Series A Perpetual Stretch Preferred Stock	15000	Direct
Series A Perpetual Stride Preferred Stock	3527	Direct

Footnotes

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 ("Strategy") Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") 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 $220.235 to $221.115, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, 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 $221.37 to $222.240, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, 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 $222.430 to $223.426, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, 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 $223.446 to $224.415, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F6: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $224.45 to $225.448, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F7: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $225.505 to $226.460, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F8: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $226.56 to $227.50, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F9: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.665 to $228.03, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F10: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.81 to $229.77, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F11: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.02 to $231.00, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F12: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $231.27 to $232.05, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F13: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $232.27 to $233.26, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F14: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $233.32 to $234.27, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F15: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $234.34 to $234.80, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F16: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $223.10 to $224.04, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.

F17: The 20,000 shares exercised on November 12, 2025 pursuant to this option vested on February 17, 2025. Of the remaining 79,100 shares subject to this option, 29,100 shares vested on February 17, 2025 and 50,000 shares are scheduled to vest on February 17, 2026.

F18: The 5,334 shares exercised on November 12, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 183,998 shares subject to this option, 33,998 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.

F19: The 2,600 shares exercised on November 13, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 181,398 shares subject to this option, 31,398 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.