Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 23

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 23
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” in the accompanying base
prospectus supplement, among others, many of which are beyond our control.

In addition, the condition of the financial markets and changes in prevailing
interest rates can have an adverse effect on the trading price of the STRK Stock. For example, prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, and we would expect an increase in prevailing interest
rates to depress the trading price of the STRK Stock. In particular, there have been recent concerns regarding expected increases in both short- and long-term interest rates, driven in part by a projected rise in inflation, and if those concerns
prove to be valid, then the trading price of the STRK Stock may fall significantly.

SA-13

The market price of our class A common stock has been and may continue to be volatile, which could result in substantial losses for investors in the class A common stock, including holders of any shares of class A common stock issued upon the conversion of the STRK Stock. The market price of our class A common stock has historically been volatile, and this volatility has been significant in recent periods. Since August 11, 2020, the date on which we announced our initial purchase of bitcoin, the closing price of our class A common stock has increased from $12.36 as of August 10, 2020, the last trading day before our announcement, to $264.67 as of November 3, 2025, and has traded as high as $543.00 and as low as $13.26 during such period, and the daily trading volume was as high as 100,444,000 shares and as low as 385,000 shares during such period. All amounts in the preceding sentence have been adjusted to reflect our 10-for-1stock split by means of stock dividend, following which trading of our class A common stock commenced on a split-adjusted basis at market open on August 8, 2024. The market price of our class A common stock may fluctuate widely in response to various factors, some of which are beyond our control. These factors include, but are not limited to:

| • |     | fluctuations in the price of bitcoin, of which we have significant holdings, and in which we expect we will 
 continue to make significant purchases and announcements about our transactions in bitcoin;                 |

| • |     | changes to our bitcoin strategy; |

| • |     | changes to or failure by us to meet our targets