Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 1

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 1
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, 2025.
Prior to the date of this STRC Stock Annex, we have not sold any shares of STRC Stock under such prior prospectus supplement. As of the date of this STRC Stock Annex, we have terminated such prior offering of STRC Stock and the sales agreement
relating to such prior offering and such unsold shares of STRC Stock will no longer be offered and sold under the prior prospectus supplement. Instead, the remaining $4,200,000,000.00 of our STRC Stock will be offered and sold under this STRC Stock
Annex, the accompanying base prospectus supplement dated November 4, 2025 and the accompanying prospectus.

Our STRC Stock is listed on The Nasdaq Global
Select Market under the trading symbol “STRC.” On November 3, 2025, the last reported sale price of our STRC Stock as reported on The Nasdaq Global Select Market was $99.61 per share.

STRC STOCK

The up to $4,200,000,000.00 of shares of STRC
Stock that we may offer and sell under this STRC Stock Annex and the accompanying base prospectus supplement and prospectus constitutes a further issuance of shares of STRC Stock in addition to the 28,011,111 shares of STRC Stock outstanding prior
as of the date of this STRC Stock Annex. Other than the issue date, the first regular dividend record date and first regular dividend payment date, STRC Stock that we may offer and sell under this STRC Stock Annex and the accompanying base
prospectus supplement and prospectus will have terms identical to, will have the same CUSIP number as, and will vote together with, the STRC Stock outstanding as of the date of this STRC Stock Annex immediately upon issuance.

The STRC Stock has an initial liquidation preference of $100 per share. The liquidation preference is
subject to adjustment in the manner described in this STRC Stock Annex. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share.

The STRC Stock accumulates cumulative dividends, which we refer to as “regular dividends,” at a variable rate that is described more fully below
and elsewhere in this STRC Stock Annex. Regular dividends, if any, on the STRC Stock will accumulate on the stated amount thereof, which is $100 per share of STRC Stock, and will be payable when, as and if declared by our “board of