Strategy Inc — Director's Dealing 2025

Oct 9, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Strategy Inc (MSTR)
CIK: 0001050446
Period of Report: 2025-10-07

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-07	Class A Common Stock	M	30000	$40.46	Acquired	42726	Direct
2025-10-07	Class A Common Stock	S	6198	$356.051	Disposed	36528	Direct
2025-10-07	Class A Common Stock	S	10326	$357.139	Disposed	26202	Direct
2025-10-07	Class A Common Stock	S	11680	$358.045	Disposed	14522	Direct
2025-10-07	Class A Common Stock	S	1796	$358.820	Disposed	12726	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-10-07	Employee Stock Option (Right to buy)	$40.46	M	30000	Disposed	2032-02-17	Class A Common Stock (30000)	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 reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $355.48 to $356.47, 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 reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $356.63 to $357.625, 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 purchased 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 $357.64 to $358.60, 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 purchased 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 $358.68 to $359.20, 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 purchased at each price within the ranges set forth in this footnote.

F5: Of the 30,000 shares exercised on October 7, 2025 pursuant to this option, 29,100 shares vested on February 17, 2024 and 900 shares vested on February 17, 2025. Of the remaining 99,100 shares subject to this option, 49,100 shares vested on February 17, 2025 and 50,000 shares are scheduled to vest on February 17, 2026.