Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 10

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 10
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 assuming sales of $4,133,799,112.67 shares of STRD      
 Stock in this offering at a price of $78.14 per share, which was the last reported sale price of the STRD Stock on The Nasdaq Global Select Market on November 3, 2025, 12,470,812 shares of STRF Stock, 28,011,111 shares of STRC Stock, 13,918,518      
 shares of STRK Stock, 19,640,250 shares of class B common stock, and 267,713,485 shares of class A common stock will be outstanding. The actual number of shares of STRD Stock issued in this offering will vary depending on the actual sales prices in  
 this offering. In order to sell the maximum aggregate amount of proceeds in this offering, we may need to increase the authorized number of shares of STRD Stock, which may be accomplished by approval of such an increase by our board of directors and 
 the filing of a Certificate of Increase with respect thereto with the Secretary of State of the State of Delaware. For purposes of this calculation, we have used the number of shares of STRF Stock, STRC Stock, STRK Stock, STRD Stock, class B common  
 stock, and class A common stock that were outstanding as of October 31, 2025.                                                                                                                                                                             |

SA-5

RISK FACTORS

An investment in the STRD Stock involves a high degree of risk. Before deciding whether to invest in the STRD Stock, you should carefully consider the risks described below and discussed under the sections captioned “Risk Factors”, “Risk Factors Related to the ATM Offering Programs” and “Risk Factor Updates” contained in the accompanying base prospectus supplement and prospectus and in our most recent Annual Report on Form 10-K,any of our subsequent Quarterly Reports on Form 10-Q,and any of our Current Reports on Form 8-Kthat are incorporated by reference herein, together with other information in this STRD Stock Annex, in the accompanying base prospectus supplement and prospectus, and in any free writing prospectus that we have authorized for use in connection with this offering. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed, resulting in a loss of all or part of your investment. As used in this section, (i) “we,” “our” and “us” refer to Strategy Inc and not to its subsidiaries; and (ii)