Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 4

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 4
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ISK FACTORS                                             |     | SA-7  |
| USE OF PROCEEDS                                          |     | SA-13 |
| DESCRIPTION OF STRF STOCK                                |     | SA-14 |
| MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS |     | SA-36 |
| PLAN OF DISTRIBUTION                                     |     | SA-44 |
| LEGAL MATTERS                                            |     | SA-45 |

THE OFFERING The summary below describes the principal terms of the offering and the STRF Stock. The summary is qualified in its entirety by reference to the more detailed information appearing elsewhere in this STRF Stock Annex and the accompanying base prospectus supplement and prospectus. Certain of the terms of the STRF Stock described below are subject to important limitations and exceptions that are described in more detail under the caption “Description of STRF Stock.” As used in this section, (i) “we,” “our” and “us” refer to Strategy Inc and not to its subsidiaries; and (ii) “preferred stockholder” refers to a registered holder of the STRF Stock.

| Issuer | Strategy Inc |

| Securities Offered | Shares of our 10.00% Series A Perpetual Strife Preferred Stock, which we refer to as the “STRF Stock,” having an aggregate offering price of up to $1,659,967,526.88. |

| Manner of Offering | “At the market” offering that may be made from time to time through the Agents. See “Plan of Distribution” beginning on page SA-44 of this STRF Stock Annex. |

| Use of Proceeds | We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin, and for working capital. |

| See “Use of Proceeds” on page SA-13 of this STRF Stock Annex. |

| Bitcoin is a highly volatile asset that has traded below $70,000 per bitcoin and above $120,000 per bitcoin in our principal market in the 12 months preceding the date of this STRF Stock Annex. Bitcoin does not pay                                    
 interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales. Future fluctuations in bitcoin trading prices may result in our converting bitcoin purchased with the net proceeds from this offering into cash 
 with a value substantially below the net proceeds from this offering, and there can be no assurance as to whether or when we will realize any cash proceeds from our contemplated acquisition of bitcoin.                                                 |

| St