Strategy (MSTR)

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-05-19 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: 2026-05-19 | Code: M (Exercise of derivative) Shares: +1,000 | Price: $18.65 Total Value: $18,654.00 Shares Owned After: 29,000 | Ownership: D (Direct) [Transaction #2] Security: Class A Common Stock Date: 2026-05-19 | Code: S (Open market sale) Shares: -1,000 | Price: $166.75 Total Value: $166,750.00 Shares Owned After: 28,000 | Ownership: D (Direct) [Transaction #3] Security: Class A Common Stock Date: 2026-05-19 | Code: M (Exercise of derivative) Shares: +1,000 | Price: $18.65 Total Value: $18,654.00 Shares Owned After: 29,000 | Ownership: D (Direct) [Transaction #4] Security: Class A Common Stock Date: 2026-05-19 | Code: S (Open market sale) Shares: -1,000 | Price: $167.00 Total Value: $167,000.00 Shares Owned After: 28,000 | Ownership: D (Direct) [Transaction #5] Security: Class A Common Stock Date: 2026-05-19 | Code: M (Exercise of derivative) Shares: +1,000 | Price: $18.65 Total Value: $18,654.00 Shares Owned After: 29,000 | Ownership: D (Direct) [Transaction #6] Security: Class A Common Stock Date: 2026-05-19 | Code: S (Open market sale) Shares: -1,000 | Price: $167.00 Total Value: $167,000.00 Shares Owned After: 28,000 | Ownership: D (Direct) [Transaction #7] Security: Class A Common Stock Date: 2026-05-20 | Code: M (Exercise of derivative) Shares: +1,250 | Price: $18.65 Total Value: $23,317.50 Shares Owned After: 29,250 | Ownership: D (Direct) [Transaction #8] Security: Class A Common Stock Date: 2026-05-20 | Code: S (Open market sale) Shares: -1,250 | Price: $165.87 Total Value: $207,337.50 Shares Owned After: 28,000 | Ownership: D (Direct) [Transaction #9] Security: Class A Common Stock Date: 2026-05-20 | Code: M (Exercise of derivative) Shares: +1,000 | Price: $18.65 Total Value: $18,654.00 Shares Owned After: 29,000 | Ownership: D (Direct) [Transaction #10] Security: Class A Common Stock Date: 2026-05-20 | Code: S (Open market sale) Shares: -1,000 | Price: $167.00 Total Value: $167,000.00 Shares Owned After: 28,000 | Ownership: D (Direct) --- Derivative Transactions --- [Transaction #1] Security: Director Stock Option (Right to buy) Date: 2026-05-19 | Code: M (Exercise of derivative) Shares: -1,000 | Price: $0.00 Exercisable: N/A | Expires: 2026-05-31 Shares Owned After: 23,550 | Ownership: D (Direct) Footnotes: [F1] The 1,000 shares exercised on May 19, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 23,550 shares subject to this option, 11,050 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. [Transaction #2] Security: Director Stock Option (Right to buy) Date: 2026-05-19 | Code: M (Exercise of derivative) Shares: -1,000 | Price: $0.00 Exercisable: N/A | Expires: 2026-05-31 Shares Owned After: 22,550 | Ownership: D (Direct) Footnotes: [F2] The 1,000 shares exercised on May 19, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 22,550 shares subject to this option, 10,050 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. [Transaction #3] Security: Director Stock Option (Right to buy) Date: 2026-05-19 | Code: M (Exercise of derivative) Shares: -1,000 | Price: $0.00 Exercisable: N/A | Expires: 2026-05-31 Shares Owned After: 21,550 | Ownership: D (Direct) Footnotes: [F3] The 1,000 shares exercised on May 19, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 21,550 shares subject to this option, 9,050 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. [Transaction #4] Security: Director Stock Option (Right to buy) Date: 2026-05-19 | Code: M (Exercise of derivative) Shares: -1,250 | Price: $0.00 Exercisable: N/A | Expires: 2026-05-31 Shares Owned After: 20,300 | Ownership: D (Direct) Footnotes: [F4] The 1,250 shares exercised on May 20, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 20,300 shares subject to this option, 7,800 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. [Transaction #5] Security: Director Stock Option (Right to buy) Date: 2026-05-19 | Code: M (Exercise of derivative) Shares: -1,000 | Price: $0.00 Exercisable: N/A | Expires: 2026-05-31 Shares Owned After: 19,300 | Ownership: D (Direct) Footnotes: [F5] The 1,000 shares exercised on May 20, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 19,300 shares subject to this option, 6,800 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. --- 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 1,000 shares exercised on May 19, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 23,550 shares subject to this option, 11,050 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. F2: The 1,000 shares exercised on May 19, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 22,550 shares subject to this option, 10,050 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. F3: The 1,000 shares exercised on May 19, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 21,550 shares subject to this option, 9,050 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. F4: The 1,250 shares exercised on May 20, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 20,300 shares subject to this option, 7,800 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. F5: The 1,000 shares exercised on May 20, 2026 pursuant to this option vested on May 31, 2018. Of the remaining 19,300 shares subject to this option, 6,800 shares vested on May 31, 2019, and 12,500 shares vested on May 31, 2020. --- Signature --- /s/ /s/ Allein Sabel, Attorney-in-Fact (2026-05-21)