Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 15
---
 and (ii) our existing and future indebtedness (including all of our issued and outstanding “Convertible Notes” (as defined in this prospectus 
 supplement)); and                                                                                                                                                                                                                          |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

| • |     | As of June 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in                                                                                                                                              
 aggregate principal amount of consolidated indebtedness outstanding. Additionally, as of June 30, 2025, there were 12,201,367 shares of STRK Stock outstanding, 10,066,750 shares of STRF Stock outstanding, and no dividend parity stock or 
 liquidation parity stock outstanding. Our indebtedness, our STRK Stock and our STRF Stock rank senior to the STRD Stock.                                                                                                                     |

| Transfer Agent and Paying Agent for the STRD Stock | U.S. Bank Trust Company, National Association. |

| Listing | The STRD Stock is listed on The Nasdaq Global Select Market under the symbol “STRD.” On July 3, 2025, the last reported sales price of our STRD Stock was $95.25 per share. |

| Risk Factors | Investing in the STRD Stock involves risks. See “Risk Factors.” |

| Material U.S. Federal Income Tax Considerations | For a description of material U.S. federal income tax consequences of purchasing, owning, and disposing of the STRD Stock, see “Material United States Federal Income Tax Considerations.” In particular, holders should review the 
 discussion under “Material United States Federal Income Tax Considerations—Fast-Pay Stock Regulations” regarding the potentially adverse consequences that would apply if any shares of STRD Stock                                  
 were treated as “fast-pay” stock.                                                                                                                                                                                                   |

| Book-Entry Form | We will initially issue the STRD Stock in the form of one or more global certificates registered in the name of Cede & Co., as nominee of The                                                                                              
 Depository Trust Company (which we refer to as “DTC”), which we will deposit with the transfer agent as custodian for DTC. Beneficial interests in global certificates will be shown on, and transfers of STRD Stock represented by global 
 certificates will be                                                                                                                                                                                                                       |

S-12

| effected only through, the records maintained by DTC. Except in limited circumstances