Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 1

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 1
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 The compensation to the Agents for sales of any securities sold pursuant to the Sales Agreement will be up to 2.0% of the gross proceeds of any securities sold under the Sales Agreement. In connection with the sale of the securities on our behalf, the selling Agent will be deemed to be an “underwriter” within the meaning of the Securities Act and the compensation of such Agent will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to the Agents with respect to certain liabilities, including civil liabilities under the Securities Act or Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our business and an investment in our securities involve significant risks. These risks are described under the caption “ Risk Factors Related to the ATM Offering Programs” beginning on page S-9of this base prospectus supplement, under the caption “Risk Factors” and “Risk Factor Updates” in each applicable annex to this base prospectus supplement and in the documents incorporated by reference into this base prospectus supplement. Neither the Securities and Exchange Commission nor any state or foreign securities commission or regulatory authority has approved or disapproved of these securities or passed upon the adequacy or accuracy of this base prospectus supplement, any applicable annex to this base prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

| TD Securities         |     | Barclays                |     | The Benchmark Company |     | BTIG                     |
| Canaccord Genuity     |     | Cantor                  |     | Clear Street          |     | Compass Point            |
| H.C. Wainwright & Co. |     | Keefe, Bruyette & Woods 
 A Stifel Company        |     | Maxim Group LLC       |     | Mizuho                   |
| Morgan Stanley        |     | Santander               |     | SOCIETE GENERALE      |     | Texas Capital Securities |

November 4, 2025

TABLE OF CONTENTS

| ABOUT THIS BASE PROSPECTUS SUPPLEMENT                       |     | S-1  |
| FORWARD-LOOKING STATEMENTS                                  |     | S-3  |
| BASE PROSPECTUS SUPPLEMENT SUMMARY                          |     | S-7  |
| RISK FACTORS RELATED TO THE ATM OFFERING PROGRAMS           |     | S-9  |
| USE OF PROCEEDS                                             |     | S-12 |
| PLAN OF DISTRIBUTION                                        |     | S-13 |
| EXPERTS                                                     |