Director Jarrod M. Patten filed a Form 4 with the SEC on August 26, 2026, reporting the exercise of stock options and subsequent sales of Class A Common Stock of Strategy Inc (NASDAQ:MSTR) on August 24 and 25, 2026.

Key Highlights

  • Option exercises: Patten exercised director stock options to acquire a total of 3,700 shares of Class A Common Stock at an exercise price of $18.236 per share across two days.
  • Sales on August 24: 925 shares were sold at $122.34 per share.
  • Sales on August 25: 925 shares were sold at $124.00, another 925 at $125.00, and a further 925 at $127.00 per share.
  • Post-transaction ownership: Following each pair of exercise-and-sale transactions, Patten's direct beneficial ownership of Class A Common Stock settled at 28,406 shares.
  • Remaining options: After the reported exercises, Patten held 28,600 director stock options with an exercise price of $18.236, expiring May 31, 2027.
  • Preferred stock holdings: The filing also discloses holdings of 10,000 shares of Series A Perpetual Strife Preferred Stock, 29,335 shares of Series A Perpetual Stretch Preferred Stock, and 5,000 shares of Series A Perpetual Stride Preferred Stock, all held directly.

Patten's Option Exercises and Share Sales at Strategy Inc

According to the filing, Jarrod M. Patten, identified as a Director of Strategy Inc, executed a series of same-day exercise-and-sale transactions on August 24 and 25, 2026. On August 24, Patten exercised options covering 925 shares at $18.236 per share (transaction code M) and sold those 925 shares at $122.34 per share (transaction code S), leaving a directly held balance of 28,406 Class A Common Stock shares.

On August 25, 2026, three additional rounds of the same exercise-and-sell pattern occurred. In each instance, 925 shares were acquired via option exercise at $18.236 and then sold, at prices of $124.00, $125.00, and $127.00 per share respectively. The filing notes that the shares exercised on August 24 vested on May 31, 2019, and that the shares exercised on August 25 (totaling 2,775) also vested on May 31, 2019. The filing further details that of the options remaining after the August 24 exercise, 6,375 shares vested May 31, 2019, 12,500 vested May 31, 2020, and 12,500 vested May 31, 2021. Following the August 25 exercises, the remaining 28,600 option shares include 3,600 vested May 31, 2019, 12,500 vested May 31, 2020, and 12,500 vested May 31, 2021, per the filing's explanatory notes.

The filing was signed by Allein Sabel as Attorney-in-Fact on August 26, 2026. Patten's address is listed as c/o Strategy Inc, 1850 Towers Crescent Plaza, Tysons Corner, Virginia 22182. All transactions reported are direct ownership. No indirect ownership arrangements were disclosed for the Class A Common Stock transactions.

What Was Disclosed

Director Jarrod M. Patten reported the exercise of 3,700 director stock options at $18.236 per share and the same-day sale of those shares at prices ranging from $122.34 to $127.00, along with holdings of three series of preferred stock and 28,600 remaining options.