Strategy Inc Director Jarrod Patten Exercises Options and Sells $238K in Stock

Executive Summary

On September 22, 2026, Strategy Inc ($MSTR) director Jarrod M. Patten filed a Form 4 disclosing the exercise of stock options and subsequent sale of 1,425 shares of Class A Common Stock on September 21, 2026.

Transaction Details

• Option Exercise: Mr. Patten exercised director stock options to acquire 1,425 shares at a strike price of $18.236 per share.
• Sales: All 1,425 acquired shares were sold on the open market in three separate blocks of 475 shares:
  • 475 shares at $165.984
  • 475 shares at $167.000
  • 475 shares at $169.000
• Gross Proceeds: Total sale proceeds amounted to $238,442.40 (weighted average sale price of approximately $167.33 per share), realizing approximately $212,456 in net gain before taxes.
• Post-Transaction Holdings: Following the sale, Mr. Patten retains direct ownership of 28,406 shares of Class A Common Stock, as well as 25,325 remaining exercisable options and positions in multiple series of preferred stock.

Market Significance

This transaction reflects a standard option exercise and immediate disposition by an independent director. The transaction volume is relatively small compared to overall market liquidity and does not represent a meaningful shift in insider sentiment.