Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 2

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 2
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     | S-15 |
| WHERE YOU CAN FIND ADDITIONAL INFORMATION; INCORPORATION BY 
 REFERENCE                                                   |     | S-16 |

| ABOUT THIS PROSPECTUS                                |     |  1 |
| WHERE YOU CAN FIND MORE INFORMATION                  |     |  3 |
| INCORPORATION BY REFERENCE                           |     |  4 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |     |  5 |
| RISK FACTORS                                         |     |  8 |
| MICROSTRATEGY INCORPORATED                           |     |  9 |
| USE OF PROCEEDS                                      |     | 11 |
| DESCRIPTION OF DEBT SECURITIES                       |     | 12 |
| DESCRIPTION OF CAPITAL STOCK                         |     | 22 |
| DESCRIPTION OF DEPOSITARY SHARES                     |     | 29 |
| DESCRIPTION OF WARRANTS                              |     | 32 |
| DESCRIPTION OF UNITS                                 |     | 33 |
| FORMS OF SECURITIES                                  |     | 34 |
| PLAN OF DISTRIBUTION                                 |     | 36 |
| LEGAL MATTERS                                        |     | 38 |
| EXPERTS                                              |     | 38 |

ABOUT THIS BASE PROSPECTUS SUPPLEMENT

This document is in three parts. The first part is this base prospectus supplement, which describes the general terms of the offerings of the securities that
we may make hereunder. The second part consists of annexes to this base prospectus supplement, each of which constitutes an additional prospectus supplement relating to an offering of securities that we are making under this base prospectus
supplement and describes the specific terms of the applicable security and the offering thereof. The third part is the accompanying prospectus, which provides more general information about securities we may offer from time to time, some of which
does not apply to the offerings under this base prospectus supplement. Generally, when we refer to this prospectus, we are referring to all three parts of this document combined. Before purchasing any of the securities that we are offering, you
should carefully read this base prospectus supplement, the applicable annex to this base prospectus supplement, the accompanying prospectus and all of the information contained in the documents incorporated by reference herein and therein, as well
as the additional information described under the heading “Where You Can Find Additional Information; Incorporation by Reference.” These documents contain important information that you should consider when making your investment
decision.

This base prospect