# EDGAR Filing Document

**Accession Number:** 0001050446
**File Stem:** 0001193125-25-277745
**Filing Date:** 2025-11
**Character Count:** 9718
**Document Hash:** 09961280b677b74bf3c825b19ffbbc79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-277745.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-277745

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251110

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Shao Wei-Ming
- **CENTRAL INDEX KEY:** 0001663488

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42509
- **FILM NUMBER:** 251473395

**MAIL ADDRESS:**
- **STREET 1:** STRATEGY INCORPORATED
- **STREET 2:** 1850 TOWERS CRESCENT PLAZA
- **CITY:** TYSONS CORNER
- **STATE:** VA
- **ZIP:** 22182
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Strategy Inc
- **CENTRAL INDEX KEY:** 0001050446
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 510323571
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1850 TOWERS CRESCENT PLAZA
- **CITY:** TYSONS CORNER
- **STATE:** VA
- **ZIP:** 22182
- **BUSINESS PHONE:** 703-848-8600

**MAIL ADDRESS:**
- **STREET 1:** 1850 TOWERS CRESCENT PLAZA
- **CITY:** TYSONS CORNER
- **STATE:** VA
- **ZIP:** 22182

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MICROSTRATEGY Inc
- **DATE OF NAME CHANGE:** 20180821

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MICROSTRATEGY INC
- **DATE OF NAME CHANGE:** 19971126

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[x] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Shao Wei-Ming<br><sub>(Last) (First) (Middle)</sub><br>C/O STRATEGY INC<br>1850 TOWERS CRESCENT PLAZA<br><sub>(Street)</sub><br>TYSONS CORNER, VA 22182<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-10 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_EVP & General Counsel_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Strategy Inc [ MSTR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock | 2025-11-10 |  | M<sup>(1)</sup> |  | 5334 | A | $69.123 | 18060 | D |  |
| Class A Common Stock | 2025-11-10 |  | S<sup>(1)</sup> |  | 3767 | D | 248.942<sup>(2)</sup> | 14293 | D |  |
| Class A Common Stock | 2025-11-10 |  | S<sup>(1)</sup> |  | 1567 | D | 249.555<sup>(3)</sup> | 12726 | D |  |
| Class A Common Stock | 2025-11-11 |  | M<sup>(1)</sup> |  | 5334 | A | $69.123 | 18060 | D |  |
| Class A Common Stock | 2025-11-11 |  | S<sup>(1)</sup> |  | 3206 | D | 234.749<sup>(4)</sup> | 14854 | D |  |
| Class A Common Stock | 2025-11-11 |  | S<sup>(1)</sup> |  | 1539 | D | 235.594<sup>(5)</sup> | 13315 | D |  |
| Class A Common Stock | 2025-11-11 |  | S<sup>(1)</sup> |  | 589 | D | $236.455 | 12726 | D |  |
| Series A Perpetual Strife Preferred Stock |  |  |  |  |  |  |  | 500 | D |  |
| Series A Perpetual Stretch Preferred Stock |  |  |  |  |  |  |  | 15000 | D |  |
| Series A Perpetual Stride Preferred Stock |  |  |  |  |  |  |  | 3527 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Employee Stock Option (Right to buy) | $69.123 | 2025-11-10 |  | M |  |  | 5334 | <sup>(6)</sup> | 2031-02-23 | Class A Common Stock | 5334 | $0 | 194666 | D |  |
| Employee Stock Option (Right to buy) | $69.123 | 2025-11-11 |  | M |  |  | 5334 | <sup>(7)</sup> | 2031-02-23 | Class A Common Stock | 5334 | $0 | 189332 | D |  |

---

### Footnotes:

(1) 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.

(2) 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.

(3) 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.

(4) 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.

(5) 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.

(6) 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.

(7) 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.

**Signature:** /s/ Allein Sabel, Attorney-in-Fact  
**Date:** 2025-11-12

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**