Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 16

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 16
---
 and “liquidation junior stock” (each as defined in this prospectus supplement). |

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

| Listing | The perpetual strife preferred stock is listed on The Nasdaq Global Select Market under the symbol “STRF.” On May 21, 2025, the last reported sales price of our perpetual strife preferred stock was $100.65 per share. |

| Risk Factors | Investing in the perpetual strife preferred 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 perpetual strife preferred 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 perpetual strife preferred stock were treated as “fast-pay” stock.                                                                                                                                                            |

| Book-Entry Form | We will initially issue the perpetual strife preferred 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 perpetual 
 strife preferred stock represented by global certificates will be effected only through, the records maintained by DTC. Except in limited circumstances, we will not issue physical                                                        |

S-14

| certificates representing any perpetual strife preferred stock. See “Description of Perpetual Strife Preferred Stock—Book Entry, Settlement and Clearance.” |

| Shares Outstanding After This Offering | Immediately after the consummation of this offering, 29,364,381 shares of perpetual strife preferred stock, assuming sales of $2,100,000,000 shares of perpetual strife preferred stock in this offering at a price of $100.65 per share,         
 which was the last reported sale price of the perpetual strife preferred stock on The Nasdaq Global Select Market on May 21, 2025, 9,757,123 shares of perpetual strike preferred stock, 19,640,250 shares of class B common stock, and           
 259,159,721 shares of our class A common stock will be outstanding. The actual number