Strategy (MSTR)

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-05-28 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: Strategy Inc (MSTR) CIK: 0001050446 --- Reporting Owner --- Name: Patten Jarrod M CIK: 0001309191 Role: Director --- Non-Derivative Transactions --- [Transaction #1] Security: Class A Common Stock Date: 2026-05-28 | Code: M (Exercise of derivative) Shares: +7,250 | Price: $18.65 Total Value: $135,241.50 Shares Owned After: 35,250 | Ownership: D (Direct) [Transaction #2] Security: Class A Common Stock Date: 2026-05-28 | Code: S (Open market sale) Shares: -3,250 | Price: $145.56 Total Value: $473,079.75 Shares Owned After: 32,000 | Ownership: D (Direct) Footnotes: [F1] The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $145.280 to $146.200, 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 sold at each price within the range set forth in this footnote. [Transaction #3] Security: Class A Common Stock Date: 2026-05-28 | Code: S (Open market sale) Shares: -1,000 | Price: $147.00 Total Value: $147,000.00 Shares Owned After: 31,000 | Ownership: D (Direct) [Transaction #4] Security: Class A Common Stock Date: 2026-05-28 | Code: S (Open market sale) Shares: -1,000 | Price: $149.00 Total Value: $149,000.00 Shares Owned After: 30,000 | Ownership: D (Direct) [Transaction #5] Security: Class A Common Stock Date: 2026-05-28 | Code: S (Open market sale) Shares: -1,000 | Price: $150.00 Total Value: $150,000.00 Shares Owned After: 29,000 | Ownership: D (Direct) [Transaction #6] Security: Class A Common Stock Date: 2026-05-28 | Code: S (Open market sale) Shares: -1,000 | Price: $152.00 Total Value: $152,000.00 Shares Owned After: 28,000 | Ownership: D (Direct) [Transaction #7] Security: Class A Common Stock Date: 2026-05-29 | Code: M (Exercise of derivative) Shares: +10,800 | Price: $18.65 Total Value: $201,463.20 Shares Owned After: 38,800 | Ownership: D (Direct) [Transaction #8] Security: Class A Common Stock Date: 2026-05-29 | Code: S (Open market sale) Shares: -4,250 | Price: $150.85 Total Value: $641,133.75 Shares Owned After: 34,550 | Ownership: D (Direct) Footnotes: [F2] The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.620 to $151.120, 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 range set forth in this footnote. [Transaction #9] Security: Class A Common Stock Date: 2026-05-29 | Code: S (Open market sale) Shares: -550 | Price: $155.00 Total Value: $85,250.00 Shares Owned After: 34,000 | Ownership: D (Direct) [Transaction #10] Security: Class A Common Stock Date: 2026-05-29 | Code: S (Open market sale) Shares: -2,000 | Price: $152.00 Total Value: $304,000.00 Shares Owned After: 32,000 | Ownership: D (Direct) [Transaction #11] Security: Class A Common Stock Date: 2026-05-29 | Code: S (Open market sale) Shares: -2,000 | Price: $153.00 Total Value: $306,000.00 Shares Owned After: 30,000 | Ownership: D (Direct) [Transaction #12] Security: Class A Common Stock Date: 2026-05-29 | Code: S (Open market sale) Shares: -2,000 | Price: $154.00 Total Value: $308,000.00 Shares Owned After: 28,000 | Ownership: D (Direct) [Transaction #13] Security: Class A Common Stock Date: 2026-05-29 | Code: M (Exercise of derivative) Shares: +4,250 | Price: $18.24 Total Value: $77,503.00 Shares Owned After: 32,250 | Ownership: D (Direct) [Transaction #14] Security: Class A Common Stock Date: 2026-05-29 | Code: S (Open market sale) Shares: -4,250 | Price: $161.75 Total Value: $687,429.00 Shares Owned After: 28,000 | Ownership: D (Direct) Footnotes: [F3] The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $161.610 to $162.000, 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 range set forth in this footnote. --- Derivative Transactions --- [Transaction #1] Security: Director Stock Option (Right to buy) Date: 2026-05-28 | Code: M (Exercise of derivative) Shares: -7,250 | Price: $0.00 Exercisable: N/A | Expires: 2026-05-31 Shares Owned After: 10,800 | Ownership: D (Direct) Footnotes: [F4] Of the shared exercised on May 28, 2026 pursuant to this option, 5,550 shares vested on May 31, 2019 and 1,700 shares vested on May 31, 2020. The remaining 10,800 shares vested on May 31, 2020. [Transaction #2] Security: Director Stock Option (Right to buy) Date: 2026-05-29 | Code: M (Exercise of derivative) Shares: -10,800 | Price: $0.00 Exercisable: N/A | Expires: 2026-05-31 Shares Owned After: 0 | Ownership: D (Direct) Footnotes: [F5] The 10,800 shares exercised on May 29, 2026 pursuant to this option vested on May 31, 2020. [Transaction #3] Security: Director Stock Option (Right to buy) Date: 2026-05-29 | Code: M (Exercise of derivative) Shares: -4,250 | Price: $0.00 Exercisable: N/A | Expires: 2027-05-31 Shares Owned After: 45,750 | Ownership: D (Direct) Footnotes: [F6] The 4,250 shares exercised on May 29, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 45,750 shares pursuant to this option, 8,250 shares vested on May 31, 2018, 12,500 shares vested on May 31, 2019, 12,500 shares vested on May 31, 2020, and 12,500 shares vested on May 31, 2021. --- Holdings --- [Holding #1] Security: Series A Perpetual Strife Preferred Stock Ownership: D (Direct) [Holding #2] Security: Series A Perpetual Stretch Preferred Stock Ownership: D (Direct) [Holding #3] Security: Series A Perpetual Stride Preferred Stock Ownership: D (Direct) --- Footnotes (Complete Index) --- F1: The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $145.280 to $146.200, 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 sold at each price within the range 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 $150.620 to $151.120, 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 range 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 $161.610 to $162.000, 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 range set forth in this footnote. F4: Of the shared exercised on May 28, 2026 pursuant to this option, 5,550 shares vested on May 31, 2019 and 1,700 shares vested on May 31, 2020. The remaining 10,800 shares vested on May 31, 2020. F5: The 10,800 shares exercised on May 29, 2026 pursuant to this option vested on May 31, 2020. F6: The 4,250 shares exercised on May 29, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 45,750 shares pursuant to this option, 8,250 shares vested on May 31, 2018, 12,500 shares vested on May 31, 2019, 12,500 shares vested on May 31, 2020, and 12,500 shares vested on May 31, 2021. --- Signature --- /s/ /s/ Allein Sabel, Attorney-in-Fact (2026-06-01)