Strategy Inc — Director's Dealing 2025

Jul 12, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MICROSTRATEGY Inc (MSTR)
CIK: 0001050446
Period of Report: 2025-07-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-09	Class A Common Stock	M	20000	$40.46	Acquired	32726	Direct
2025-07-09	Class A Common Stock	M	12500	$17.5	Acquired	45226	Direct
2025-07-09	Class A Common Stock	S	32500	$401.467	Disposed	12726	Direct
2025-07-10	Class A Common Stock	M	20000	$40.46	Acquired	32726	Direct
2025-07-10	Class A Common Stock	S	1200	$412.9	Disposed	31526	Direct
2025-07-10	Class A Common Stock	S	2426	$413.815	Disposed	29100	Direct
2025-07-10	Class A Common Stock	S	1200	$414.947	Disposed	27900	Direct
2025-07-10	Class A Common Stock	S	600	$415.948	Disposed	27300	Direct
2025-07-10	Class A Common Stock	S	1300	$417.075	Disposed	26000	Direct
2025-07-10	Class A Common Stock	S	600	$418.335	Disposed	25400	Direct
2025-07-10	Class A Common Stock	S	1123	$419.396	Disposed	24277	Direct
2025-07-10	Class A Common Stock	S	7088	$420.399	Disposed	17189	Direct
2025-07-10	Class A Common Stock	S	4045	$421.433	Disposed	13144	Direct
2025-07-10	Class A Common Stock	S	418	$422.136	Disposed	12726	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-09	Employee Stock Option (Right to buy)	$40.46	M	20000	Disposed	2032-02-17	Class A Common Stock (20000)	Direct
2025-07-09	Employee Stock Option (Right to buy)	$17.5	M	12500	Disposed	2032-11-10	Class A Common Stock (12500)	Direct
2025-07-10	Employee Stock Option (Right to buy)	$40.46	M	20000	Disposed	2032-02-17	Class A Common Stock (20000)	Direct

Holdings (Non-Derivative)

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

Footnotes

F1: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $401.31 to $402.00, inclusive. The reporting person undertakes to provide to MicroStrategy Incorporated d/b/a Strategy ("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.

F2: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $412.37 to $413.26, 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 $413.39 to $414.30, 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 $414.50 to $415.49, 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 $415.50 to $416.42, 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 reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $416.94 to $417.24, 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.

F7: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $417.97 to $418.82, 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.

F8: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $419.00 to $419.76, 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.

F9: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $420.00 to $420.90, 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.

F10: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $421.00 to $421.95, 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.

F11: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $422.05 to $422.24, 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.

F12: The 20,000 shares exercised on July 9, 2025 pursuant to this option vested on February 17, 2023. Of the remaining 180,000 shares subject to this option, 30,000 shares vested on February 17, 2023, 50,000 shares vested on February 17, 2024, 50,000 shares vested on February 17, 2025 and 50,000 shares are scheduled to vest on February 17, 2026.

F13: The 12,500 shares exercised on July 9, 2025 pursuant to this option vested on November 10, 2024. Of the remaining 100,000 shares subject to this option, 50,000 shares are scheduled to vest on November 10, 2025 and 50,000 shares are scheduled to vest on November 10, 2026.

F14: The 20,000 shares exercised on July 10, 2025 pursuant to this option vested on February 17, 2023. Of the remaining 160,000 shares subject to this option, 10,000 shares vested on February 17, 2023, 50,000 shares vested on February 17, 2024, 50,000 shares vested on February 17, 2025 and 50,000 shares are scheduled to vest on February 17, 2026.