Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 28

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 28
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 Stock to fall significantly. Future sales, or the perception of future sales, of our debt instruments, STRC Stock, or other classes or series of liquidation senior stock, liquidation parity stock, dividend senior stock or dividend parity stock could depress the trading price of the STRC Stock. We may issue and sell additional notes, STRC Stock, STRF Stock, or other classes or series of liquidation senior stock, liquidation parity stock, dividend senior stock or dividend parity stock in subsequent offerings to raise capital, or may issue such securities for other purposes, including in connection with the acquisition of additional bitcoin. For example, between January 1, 2024 and July 29, 2025, we issued and sold:

| • |     | $800.0 million aggregate principal amount of 0.625% Convertible Senior Notes due 2030 (“2030A 
 Convertible Notes”);                                                                          |

| • |     | $2.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (“2030B Convertible 
 Notes”);                                                                                            |

| • |     | $603.8 million aggregate principal amount of 0.875% Convertible Senior Notes due 2031 (“2031 
 Convertible Notes”);                                                                         |

| • |     | $800.0 million in aggregate principal amount of 2.25% Convertible Senior Notes due 2032 (“2032 
 Convertible Notes”);                                                                           |

| • |     | $1.010 billion in aggregate principal amount of 0.625% Convertible Senior Notes due 2028 (“2028 
 Convertible Notes”);                                                                            |

| • |     | $3.0 billion in aggregate principal amount of 0% Convertible Senior Notes due 2029 (“2029 Convertible                                                                                                 
 Notes” and, together with the 2030A Convertible Notes, the 2030B Convertible Notes, the 2031 Convertible Notes, the 2032 Convertible Notes, and the 2028 Convertible Notes, the “Convertible Notes”); |

| • |     | 10,512,755 shares of STRF Stock; and |

| • |     | 28,011,111 shares of STRC Stock. |

We cannot predict:

| • |     | the size and terms of future issuances of such securities; or |

| • |     | the effect, if any, that future issuances and sales of such securities will have