Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 40

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 40
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 day.” Ranking The STRK Stock ranks as follows:

| • |     | senior to (i) “dividend junior stock” (as defined below under the caption                                                                                                                             
 “—Definitions”) with respect to the payment of dividends; and (ii) “liquidation junior stock” (as defined below under the caption “—Definitions”) with respect to the distribution of assets upon our 
 liquidation, dissolution or winding up;                                                                                                                                                               |

| • |     | equally with (i) “dividend parity stock” (as defined below under the caption                                                                                                                          
 “—Definitions”) with respect to the payment of dividends; and (ii) “liquidation parity stock” (as defined below under the caption “—Definitions”) with respect to the distribution of assets upon our 
 liquidation, dissolution or winding up;                                                                                                                                                               |

| • |     | junior to (i) dividend senior stock with respect to the payment of dividends; and (ii) liquidation       
 senior stock with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to our existing and future indebtedness (including all of our issued and outstanding convertible notes); 
 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.                                   |

The terms of the STRK Stock do not restrict us from issuing dividend senior stock or liquidation senior stock. Regular Dividends Generally The STRK Stock accumulates cumulative dividends (which we refer to as “regular dividends”) at a rate per annum equal to 8.00% (such rate per annum, the “regular dividend rate”) on the liquidation preference thereof (or, upon ratification of the STRK Amendment, the stated amount thereof) and, to the extent described in the third immediately following paragraph, on unpaid regular dividends, regardless of whether or not declared or funds are legally available for their payment. Subject to the other provisions described below, such regular dividends will be payable when, as and if declared by our “board of directors” (as defined below under the caption “—Definitions”), out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on each “regular dividend payment date” (as defined below under the caption “—Definitions”) to the preferred stockholders of record as of the close of business on the “regular