Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 32

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 32
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 and 12,539,683 shares of STRD Stock were outstanding.

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 as of the
date of this STRC Stock Annex. Other than the issue date, the first regular dividend record date and the first regular dividend payment date, the 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.

Without the consent of any holder, we may, by resolution of our board of directors, increase the total number of authorized shares of STRC 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 STRC Stock, we may issue additional STRC Stock with the same
terms as the STRC Stock we are offering (except for certain differences, such as the date as of which regular dividends begin to accumulate on, the first regular dividend record date and the first regular dividend payment date for, and transfer
restrictions applicable to, such additional STRC Stock). Furthermore, without the consent of any holder, we may resell any STRC Stock that we or any of our “subsidiaries” (as defined below under the caption
“—Definitions”) has purchased or otherwise acquired. However, such additional or resold STRC Stock must be identified by a separate CUSIP number or by no CUSIP number if they are not fungible, for purposes of federal securities
laws or, if applicable, the “depositary procedures” (as defined below under the caption “—Definitions”), with other STRC Stock that is then outstanding. In addition, without the consent of any holder, we may create and
issue, or increase the authorized or issued number of, any other class or series of stock (including, for the avoidance of

SA-18

doubt, “dividend senior stock,” “dividend parity stock,” “liquidation senior stock