<SEC-DOCUMENT>0001193125-25-282918.txt : 20251114
<SEC-HEADER>0001193125-25-282918.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114160551
ACCESSION NUMBER:		0001193125-25-282918
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251112
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

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:		251485875

	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:			0630

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-11-12</periodOfReport>

    <notSubjectToSection16>false</notSubjectToSection16>

    <issuer>
        <issuerCik>0001050446</issuerCik>
        <issuerName>Strategy Inc</issuerName>
        <issuerTradingSymbol>MSTR</issuerTradingSymbol>
    </issuer>

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        <reportingOwnerId>
            <rptOwnerCik>0001663488</rptOwnerCik>
            <rptOwnerName>Shao Wei-Ming</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O STRATEGY INC</rptOwnerStreet1>
            <rptOwnerStreet2>1850 TOWERS CRESCENT PLAZA</rptOwnerStreet2>
            <rptOwnerCity>TYSONS CORNER</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22182</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>EVP &amp; General Counsel</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>true</aff10b5One>

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            <transactionDate>
                <value>2025-11-12</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
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                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>32726</value>
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                <sharesOwnedFollowingTransaction>
                    <value>38060</value>
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                <directOrIndirectOwnership>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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                <transactionFormType>4</transactionFormType>
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                <transactionShares>
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                <transactionPricePerShare>
                    <value>222.922</value>
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                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
            </transactionAmounts>
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                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            </transactionDate>
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                <transactionFormType>4</transactionFormType>
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            <transactionAmounts>
                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
                    <value>224.064</value>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>35884</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
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            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
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                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
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                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>35031</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
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                </directOrIndirectOwnership>
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        <nonDerivativeTransaction>
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                <transactionAcquiredDisposedCode>
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                    <value>32726</value>
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                <directOrIndirectOwnership>
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                </directOrIndirectOwnership>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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                <transactionFormType>4</transactionFormType>
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        <nonDerivativeTransaction>
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                <value>Class A Common Stock</value>
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                <transactionFormType>4</transactionFormType>
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                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
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                <transactionShares>
                    <value>2600</value>
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                    <value>223.667</value>
                    <footnoteId id="F16"/>
                </transactionPricePerShare>
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            </transactionAmounts>
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                    <value>32726</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series A Perpetual Strife Preferred Stock</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>500</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series A Perpetual Stretch Preferred Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series A Perpetual Stride Preferred Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3527</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>40.46</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-11-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F17"/>
            </exerciseDate>
            <expirationDate>
                <value>2032-02-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>20000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>79100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>69.123</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-11-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5334</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F18"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-02-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5334</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>183998</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>69.123</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-11-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F19"/>
            </exerciseDate>
            <expirationDate>
                <value>2031-02-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2600</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>181398</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The transactions reported 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 (&quot;Strategy&quot;) Current Report on Form 8-K filed with the Securities and Exchange Commission (&quot;SEC&quot;) on July 1, 2025, the reporting person informed the issuer of his intention to retire effective December 31, 2025.</footnote>
        <footnote id="F2">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $220.235 to $221.115, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F3">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $221.37 to $222.240, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F4">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $222.430 to $223.426, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F5">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $223.446 to $224.415, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F6">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $224.45 to $225.448, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F7">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $225.505 to $226.460, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F8">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $226.56 to $227.50, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F9">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $227.665 to $228.03, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F10">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $228.81 to $229.77, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F11">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $230.02 to $231.00, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F12">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $231.27 to $232.05, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F13">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $232.27 to $233.26, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F14">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $233.32 to $234.27, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F15">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $234.34 to $234.80, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F16">The reported price is a weighted average price. These shares were sold in multiple transactions at prices ranging from $223.10 to $224.04, inclusive. The reporting person undertakes to provide to Strategy, any security holder of Strategy, or the staff of the SEC, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this footnote.</footnote>
        <footnote id="F17">The 20,000 shares exercised on November 12, 2025 pursuant to this option vested on February 17, 2025. Of the remaining 79,100 shares subject to this option, 29,100 shares vested on February 17, 2025 and 50,000 shares are scheduled to vest on February 17, 2026.</footnote>
        <footnote id="F18">The 5,334 shares exercised on November 12, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 183,998 shares subject to this option, 33,998 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.</footnote>
        <footnote id="F19">The 2,600 shares exercised on November 13, 2025 pursuant to this option vested on February 23, 2022. Of the remaining 181,398 shares subject to this option, 31,398 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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Allein Sabel, Attorney-in-Fact</signatureName>
        <signatureDate>2025-11-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
