Strategy Inc — Director's Dealing 2025

Nov 12, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Strategy Inc (MSTR)
CIK: 0001050446
Period of Report: 2025-11-10

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-10	Class A Common Stock	M	5334	$69.123	Acquired	18060	Direct
2025-11-10	Class A Common Stock	S	3767	$248.942	Disposed	14293	Direct
2025-11-10	Class A Common Stock	S	1567	$249.555	Disposed	12726	Direct
2025-11-11	Class A Common Stock	M	5334	$69.123	Acquired	18060	Direct
2025-11-11	Class A Common Stock	S	3206	$234.749	Disposed	14854	Direct
2025-11-11	Class A Common Stock	S	1539	$235.594	Disposed	13315	Direct
2025-11-11	Class A Common Stock	S	589	$236.455	Disposed	12726	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-10	Employee Stock Option (Right to buy)	$69.123	M	5334	Disposed	2031-02-23	Class A Common Stock (5334)	Direct
2025-11-11	Employee Stock Option (Right to buy)	$69.123	M	5334	Disposed	2031-02-23	Class A Common Stock (5334)	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 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.