Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 20

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 20
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 custodian for DTC. Beneficial interests in global certificates will be shown on, and transfers of STRC Stock represented by global certificates will be effected only through, the records maintained by DTC. Except in limited 
 circumstances, we will not issue physical certificates representing any STRC Stock. See “Description of STRC Stock—Book Entry, Settlement and Clearance.”                                                                                             |

| Shares Outstanding After This Offering | Immediately after the consummation of this offering, 72,455,555 shares of STRC Stock, assuming sales of $4,200,000,000 shares of STRC Stock in this offering at a price of $94.50 per share, which was the last reported sale price of the STRC Stock  
 on The Nasdaq Global Select Market on July 30, 2025, 10,512,755 shares of STRF Stock, 12,780,784 shares of STRK Stock, 11,954,260 shares of STRD Stock, 19,640,250 shares of class B common stock, and 263,912,697 shares of class A common stock      
 will be outstanding. The actual number of shares of STRC Stock issued in this offering will vary depending on the actual sales prices in this offering. For purposes of this calculation, we have used the number of shares of STRF Stock, STRK Stock, 
 STRD Stock, class B common stock, and class A common stock that were outstanding as of July 29, 2025.                                                                                                                                                  |

S-15

RISK FACTORS

An investment in the STRC Stock involves a high degree of risk. Before deciding whether to invest in the STRC Stock, you should carefully consider the risks described below and discussed under the sections captioned “Risk Factors” or “Risk Factor Updates” contained in our most recent Annual Report on Form 10-K,any of our subsequent Quarterly Reports on Form 10-Q,and any of our Current Reports on Form 8-Kthat are incorporated by reference herein, together with other information in this prospectus, the information and documents incorporated by reference in this prospectus, and in any free writing prospectus that we have authorized for use in connection with this offering. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed, resulting in a loss of all or part of your investment. As used in this section, (i) “we,” “our” and “us” refer to MicroStrategy Incorporated d