Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155878
Chunk: 1

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 1
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 connection with the addition of Morgan Stanley as a sales agent, we entered into an amendment, dated July 7, 2025, to the Original Sales Agreement (as amended, the “Amended Sales Agreement”). Accordingly, each reference to the terms “Agents” in the STRF ATM Prospectus Supplement is hereby amended to include Morgan Stanley, and each reference to the term “Sales Agreement” is hereby amended to refer to the Amended Sales Agreement. From May 22, 2025, the date of the STRF ATM Prospectus Supplement, through the date of this supplement, we sold an aggregate of 1,566,750 shares of perpetual strife preferred stock under the STRF ATM Program, for an aggregate offering price of approximately $163.30 million, leaving perpetual strife preferred stock having an aggregate offering price of approximately $1.94 billion available to be offered under the Sales Agreement pursuant to this supplement and the Prospectus. The perpetual strife preferred stock is listed on The Nasdaq Global Select Market under the symbol “STRF.” On July 3, 2025, the last reported sale price of the perpetual strife preferred stock was $117.72 per share. Our business and an investment in the perpetual strife preferred stock involve significant risks. These risks are described under the caption “Risk Factors” beginning on page S-16of the STRF ATM Prospectus Supplement and in the documents incorporated by reference into the Prospectus. Neither the Securities and Exchange Commission nor any state or foreign securities commission or regulatory authority has approved or disapproved of the perpetual strife preferred stock or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying Prospectus. Any representation to the contrary is a criminal offense.

| TD Cowen |     | Barclays |     | Morgan Stanley |     | The Benchmark Company |

The date of this supplement is July 7, 2025.