Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 23

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 23
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 refer to Strategy Inc only and not to any of its subsidiaries.

This “Description of STRD Stock” section
supplements and, to the extent inconsistent therewith, supersedes the information in the accompanying prospectus under the caption “Description of Capital Stock.”

General

Our certificate of incorporation authorizes us
to issue up to 1,005,000,000 shares of preferred stock, $0.001 par value per share, in one or more series, and authorizes our board of directors to designate the preferences, rights and other terms of each series. Our board of directors has
authorized the issuance of up to 33,200,000 shares of STRF Stock, 70,435,000 shares of STRC Stock, 269,800,000 shares of STRK Stock and 61,176,000 shares of STRD Stock. As of October 31, 2025, 12,539,683 shares of STRD Stock, 12,470,812 shares
of STRF Stock, 28,011,111 shares of STRC Stock and 13,918,518 shares of STRK Stock were outstanding.

The up to $4,133,799,112.67 of shares of STRD Stock
that we may offer and sell under this STRD Stock Annex and the accompanying base prospectus supplement and prospectus constitutes a further issuance of shares of STRD Stock in addition to the 12,539,683 shares of STRD Stock outstanding as of the
date of this STRD Stock Annex. Other than the issue date, the first regular dividend record date and the first regular dividend payment date, the STRD Stock that we may offer and sell under this STRD 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 STRD Stock outstanding as of the date of this STRD Stock Annex immediately upon issuance.

Without the consent of any holder, we may, by resolution of our board of directors, increase the total number of authorized shares of STRD Stock, except that
in no event will such increase be by an amount that exceeds the total number of authorized and undesignated shares of our preferred stock. In addition, without the consent of any holder of STRD Stock, we may issue additional STRD Stock with the same
terms as the STRD Stock we are offering (except for certain differences, such as the date as of which