MSTR insider ownership: who sold, why, and what they still hold

What stands out

Five insiders bought shares: Jarrod Patten (24K shares, $2.3M), Phong Le (14K shares, $1.3M) and Carl Rickertsen (5K shares, $779K), plus 2 more.Jarrod Patten: purchase, Oct 17, 2025 · Phong Le: purchase, Jun 22, 2026 · Carl Rickertsen: purchase, Jan 12, 2026
Jarrod Patten sold $11.0M of stock with no disclosed trading plan. The filings don't state a reason.Largest such sale, May 29, 2026
Jeanine Montgomery sold 1.1K shares (8.3% of starting holdings), but 3.7K more vested, so the stake grew (from 14K to 16K).Largest sale, Mar 12, 2026

Percentages cover 6 of 13 officers and directors. 7 are left out

Left out: Jarrod Patten, Phong Le, Wei-Ming Shao and Andrew Kang (most of their shares vested during the period, so a percentage would mislead); Carl Rickertsen, Brian Brooks and Thomas Chow (held no vested shares at the start).

Disclosed company stock is not an insider's whole wealth.

Who sold	Amount	% of holdings	Trading plan
Phong Le President & CEO, Director	$12.5M 105K shares	i No percentage: most of their shares vested during the period, so a percentage would mislead.	Disclosed plan
Jarrod Patten Director	$11.0M 75K shares	i No percentage: most of their shares vested during the period, so a percentage would mislead.	No plan disclosed
Andrew Kang EVP & CFO	$6.5M 49K shares	i No percentage: most of their shares vested during the period, so a percentage would mislead.	Disclosed plan
Wei-Ming Shao EVP & General Counsel	$6.5M 29K shares	i No percentage: most of their shares vested during the period, so a percentage would mislead.	Disclosed plan
Jeanine Montgomery VP & CAO	$154K 1.1K shares	8.3%	Disclosed plan
Thomas Chow EVP & General Counsel	$15K 106 shares	i No percentage: held no vested shares at the start.	No plan disclosed

The evidence

The full ownership picture13 of 13 insiders fully reconciled · 13 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 7, 2025

Sold

Held Oct 7, 2026

Still held

Peter Briger Jr.

Director

220K

no sales

Vesting, gifts, unvested awards and holding lines for Peter Briger Jr.

0shares vested or exercised

0gifted (net of own trusts)

2.7K → 3.6Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
726 BF LLC	Series A Perpetual Stretch Preferred Stock	220,000	220,000

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
3,554	$373.30	Jul 1, 2035	$0
1,221	$159.09	May 31, 2036	$15K

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Jarrod Patten

Director

49K

−75K

73K

not meaningful

Vesting, gifts, unvested awards and holding lines for Jarrod Patten

+76Kshares vested or exercised

0gifted (net of own trusts)

406 → 943unvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	28,000	28,406
Direct	Series A Perpetual Stretch Preferred Stock	5,555	29,335
Direct	Series A Perpetual Stride Preferred Stock	5,000	5,000
Direct	Series A Perpetual Strife Preferred Stock	10,000	10,000

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
37,800	$18.65	May 31, 2026	$5.8M
24,850	$18.24	May 31, 2027	$3.8M
1,390	$152.45	May 31, 2034	$26K
545	$369.06	May 31, 2035	$0
35,800	$18.65	May 31, 2026	$5.5M
1,221	$159.09	May 31, 2036	$15K

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Leslie Rechan

Starting holdings restated for a probable stock split.

Director

46K

no sales

Vesting, gifts, unvested awards and holding lines for Leslie Rechan

0shares vested or exercised

0gifted (net of own trusts)

406 → 406unvested awards, start → end

Starting holdings restated for a probable stock split.

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	5,950	5,950
Meredithe Rechan 2021 Family Trust	Class A Common Stock	20,000	20,000
Meredithe Rechan 2021 FamilyTrust	Class A Common Stock	20,000	20,000

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
20,000	$13.29	May 31, 2029	$3.2M
1,390	$152.45	May 31, 2034	$26K
545	$369.06	May 31, 2035	$0

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Phong Le

Minor difference of 73 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

President & CEO, Director

33K

−105K

156K

not meaningful

Vesting, gifts, unvested awards and holding lines for Phong Le

+214Kshares vested or exercised

0gifted (net of own trusts)

92K → 147Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	16,390	126,323
Direct	Series A Perpetual Stretch Preferred Stock	5,500	8,009
Minor Child 1	Series A Perpetual Stretch Preferred Stock	71	121
Minor Child 2	Series A Perpetual Stretch Preferred Stock	32	32
Minor Child 3	Series A Perpetual Stretch Preferred Stock	16	33
Phong Le Revocable Trust	Series A Perpetual Stretch Preferred Stock	0	11,000
Direct	Series A Perpetual Stride Preferred Stock	4,500	4,500
Direct	Series A Perpetual Strife Preferred Stock	6,000	6,000

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
351,162	$15.16	Nov 22, 2029	$54.7M
498,243	$23.13	Sep 13, 2032	$73.7M
26,730	$159.93	Mar 21, 2034	$296K
12,207	$260.59	Mar 11, 2035	$0
26,105	$150.28	Mar 17, 2036	$541K
101,757	$23.13	Sep 13, 2032	$15.0M

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Reconciliation: minor difference of 73 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Wei-Ming Shao

EVP & General Counsel

32K

−29K

52K

not meaningful

Vesting, gifts, unvested awards and holding lines for Wei-Ming Shao

+49Kshares vested or exercised

0gifted (net of own trusts)

36K → 36Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	12,726	32,726
Direct	Series A Perpetual Stretch Preferred Stock	15,000	15,000
Direct	Series A Perpetual Stride Preferred Stock	3,527	3,527
Direct	Series A Perpetual Strife Preferred Stock	500	500

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
170,998	$69.12	Feb 23, 2031	$17.4M
79,100	$40.46	Feb 17, 2032	$10.3M
5,730	$159.93	Mar 21, 2034	$63K
197,000	$17.50	Nov 10, 2032	$30.2M
168,000	$17.50	Nov 10, 2032	$25.8M
2,616	$260.59	Mar 11, 2035	$0
100,000	$17.50	Nov 10, 2032	$15.3M

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Andrew Kang

Minor difference of 5,597 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

EVP & CFO

31K

−49K

78K

not meaningful

Vesting, gifts, unvested awards and holding lines for Andrew Kang

+92Kshares vested or exercised

−1.8Kgifted (net of own trusts)

55K → 72Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	24,460	71,044
Direct	Series A Perpetual Stretch Preferred Stock	2,800	2,800
Direct	Series A Perpetual Stride Preferred Stock	2,250	2,250
Direct	Series A Perpetual Strife Preferred Stock	1,500	1,500

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
87,500	$19.74	May 18, 2032	$13.2M
9,550	$159.93	Mar 21, 2034	$106K
4,359	$260.59	Mar 11, 2035	$0
8,391	$150.28	Mar 17, 2036	$174K

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Reconciliation: minor difference of 5,597 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Jeanine Montgomery

Minor difference of 143 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

VP & CAO

14K

−1.1K

16K

+19%

Vesting, gifts, unvested awards and holding lines for Jeanine Montgomery

+3.6Kshares vested or exercised

0gifted (net of own trusts)

10K → 11Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	8,606	11,209
Direct	Series A Perpetual Stretch Preferred Stock	5,000	5,000

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
15,000	$40.46	Feb 17, 2032	$2.0M

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Reconciliation: minor difference of 143 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Gregg Winiarski

Director

10K

11K

no sales

Vesting, gifts, unvested awards and holding lines for Gregg Winiarski

+1.1Kshares vested or exercised

0gifted (net of own trusts)

3.2K → 3Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	0	1,092
Direct	Series A Perpetual Stretch Preferred Stock	10,000	10,000

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
3,709	$364.20	Jan 21, 2035	$0
545	$369.06	May 31, 2035	$0
1,221	$159.09	May 31, 2036	$15K

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Stephen Graham

Director

8.4K

no sales

Vesting, gifts, unvested awards and holding lines for Stephen Graham

+406shares vested or exercised

0gifted (net of own trusts)

406 → 943unvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	7,950	8,356

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,390	$152.45	May 31, 2034	$26K
545	$369.06	May 31, 2035	$0
1,221	$159.09	May 31, 2036	$15K

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Jane Dietze

Director

1.5K

4.7K

no sales

Vesting, gifts, unvested awards and holding lines for Jane Dietze

+1.1Kshares vested or exercised

0gifted (net of own trusts)

3.2K → 3Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	0	1,092
Direct	Series A Perpetual Stretch Preferred Stock	1,500	3,600

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
3,709	$364.20	Jan 21, 2035	$0
545	$369.06	May 31, 2035	$0
1,221	$159.09	May 31, 2036	$15K

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Carl Rickertsen

Director

5.4K

no sales

Vesting, gifts, unvested awards and holding lines for Carl Rickertsen

+406shares vested or exercised

0gifted (net of own trusts)

406 → 943unvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	0	5,406

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
12,500	$12.45	May 31, 2030	$2.0M
37,500	$26.47	May 31, 2032	$5.4M
25,000	$26.47	May 31, 2032	$3.6M
545	$369.06	May 31, 2035	$0
12,500	$26.47	May 31, 2032	$1.8M
1,221	$159.09	May 31, 2036	$15K

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Brian Brooks

Director

1.1K

no sales

Vesting, gifts, unvested awards and holding lines for Brian Brooks

+1.1Kshares vested or exercised

0gifted (net of own trusts)

3.2K → 3Kunvested awards, start → end

Held through	Share class	Oct 7, 2025	Oct 7, 2026
Direct	Class A Common Stock	0	1,092

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
3,709	$364.20	Jan 21, 2035	$0
545	$369.06	May 31, 2035	$0
1,221	$159.09	May 31, 2036	$15K

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Thomas Chow

Minor difference of 106 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

EVP & General Counsel

−106

111

not meaningful

Vesting, gifts, unvested awards and holding lines for Thomas Chow

0shares vested or exercised

0gifted (net of own trusts)

0 → 16Kunvested awards, start → end

Held through	Share class	Oct 7, 2026
Direct	Class A Common Stock	0
Direct	Series A Perpetual Stretch Preferred Stock	100
Direct	Series A Perpetual Strike Preferred Stock	11

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
9,843	$178.99	Dec 5, 2035	$0

Estimate: options held × ($171.00 − strike price), using the most recent insider trade price on Form 4 (Sep 22, 2026), not a market close.

Reconciliation: minor difference of 106 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

13 of 13 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (9 exactly, 4 with a minor or footnoted difference). Percentages cover 6 of 13 officers and directors. Left out: Jarrod Patten, Phong Le, Wei-Ming Shao and Andrew Kang (most of their shares vested during the period, so a percentage would mislead); Carl Rickertsen, Brian Brooks and Thomas Chow (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$36.6M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $36.6M across 259,472 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $25.6M · 70%

30%

The lighter segment is sales with no plan disclosed in the filing ($11.0M), including tax-related sales outside a plan.

No plan disclosed · $11.0M

Sales with no 10b5-1 plan and no tax reference in the filing. $11.0M of it is Jarrod Patten. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Jarrod Patten, May 29, 2026

Taxes

$19.2M of sales (52.3%) cite tax obligations in their footnotes, $19.2M of them also under a plan. Example: Jeanine Montgomery, Jun 9, 2026

Purchases · 12 in this period

Officers and directors reported 12 purchases (Form 4 code P) in this period, and 47 across all their filings on record.

Charitable gifts · 1.8K shares

Gifts the filings describe as charitable. Gifts are not sales and are not included in the sale totals.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Phong Le President & CEO, Director	105K	$12.5M	100%	34%	Mar 12, 2026 to Jun 9, 2026
Jarrod Patten Director	75K	$11.0M	0%	30%	Mar 26, 2026 to Sep 22, 2026
Andrew Kang EVP & CFO	49K	$6.5M	100%	18%	Mar 12, 2026 to Jun 9, 2026
Wei-Ming Shao EVP & General Counsel	29K	$6.5M	100%	18%	Nov 10, 2025 to Nov 19, 2025
Jeanine Montgomery VP & CAO	1.1K	$154K	100%	0.4%	Nov 18, 2025 to Jun 9, 2026
Thomas Chow EVP & General Counsel	106	$15K	0%	0.0%	Sep 4, 2026 to Sep 4, 2026

Sales by month

Monthly figures as a table

Month	Sale proceeds
Oct 2025	$0
Nov 2025	$6.5M
Dec 2025	$0
Jan 2026	$0
Feb 2026	$0
Mar 2026	$1.6M
Apr 2026	$2.0M
May 2026	$8.1M
Jun 2026	$16.6M
Jul 2026	$497K
Aug 2026	$1.1M
Sep 2026	$334K
Oct 2026	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about one-eighth of the 5-year average. 6 insiders sold; the average is 7 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 7, 2026 Latest 12 months	259K	6	$36.6M
Oct 7, 2025 1 year earlier	506K	8	$183M
Oct 7, 2024 2 years earlier	5.27M	8	$523M
Oct 8, 2023 3 years earlier	634K	4	$18.3M
Oct 8, 2022 4 years earlier	495K	6	$40.5M
Oct 8, 2021 5 years earlier	3.83M	8	$174M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Phong Le: minor difference of 73 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Andrew Kang: minor difference of 5,597 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Jeanine Montgomery: minor difference of 143 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Thomas Chow: minor difference of 106 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Inferred rename: "As UTMA custodian for son" is treated as the same holder as "son", because the old name was never reported again and the new one opened with the same balance (1,000 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology734 filings from SEC EDGAR, and how we read them

All 734 Forms 3, 4 and 5 filed for Strategy Inc (SEC CIK 1050446) from Nov 21, 2002 to Sep 23, 2026, retrieved from SEC EDGAR on Oct 7, 2026. Prices are the ones reported in each filing, often weighted averages. 8 older filings exist only on paper and could not be read.

Probable 10-for-1 stock split on or before Aug 7, 2024 (split date stated in a footnote). Splits aren't reported as transactions; 9 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (30)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Michael Saylor	Apr 26, 2024	19,622,680 shares, last reported balance as of Apr 25, 2024
Kevin Adkisson	Jun 7, 2023	2,590 shares, last reported balance as of Jun 5, 2023
Timothy Lang	Feb 10, 2023	28,820 shares, last reported balance as of Feb 9, 2023
Lisa Mayr	Nov 8, 2019	No balance on record
Kevin Norlin	Feb 26, 2019	No balance on record
Margaret Breya	Aug 1, 2018	No balance on record
Robert Epstein	May 22, 2018	No balance on record
David Rennyson	Feb 12, 2018	No balance on record
Stephen Holdridge	Nov 16, 2017	No balance on record
Michael Tae	Jan 14, 2016	No balance on record
Douglas Thede	May 6, 2015	No balance on record
Marcus Starke	May 6, 2014	No balance on record
Jonathan Klein	Sep 9, 2013	No balance on record
Paul Zolfaghari	Sep 9, 2013	6,000 shares, last reported balance as of Nov 5, 2012
Peng Xiao	Sep 9, 2013	600 shares, last reported balance as of Oct 19, 2012
Sanju Bansal	Jun 11, 2012	3,039,640 shares, last reported balance as of Jun 8, 2012
Thomas Spahr	May 7, 2012	90,650 shares, last reported balance as of May 3, 2012
Jeffrey Bedell	Feb 27, 2012	202,700 shares, last reported balance as of Feb 23, 2012
Adam McDonald	Sep 3, 2008	No balance on record
David Fowler	Mar 14, 2006	No balance on record
Eduardo Sanchez	Mar 3, 2006	683,230 shares, last reported balance as of Mar 1, 2006
Arthur Locke III	Dec 13, 2005	No balance on record
Stuart Ross	Jun 14, 2005	208,000 shares, last reported balance as of Jun 10, 2005
Eric Brown	Nov 1, 2004	No balance on record
David Blundin	Feb 17, 2004	300,350 shares, last reported balance as of Feb 13, 2004
Ralph Terkowitz	Aug 5, 2003	2,000 shares, last reported balance as of Aug 1, 2003
Matthew Calkins		No balance on record
David LaRue		No balance on record
Donald Hunt		No balance on record
Bob Watts		No balance on record

Strategy Inc insiders sold $36.6M. How much of their stake is that?

What stands out

The evidence

No plan disclosed · $11.0M

Taxes

Purchases · 12 in this period

Charitable gifts · 1.8K shares

Sales by month