Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 10

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 10
---
 upon our liquidation, dissolution or winding up other than any equity security referred to in the second bullet point below; |

| • |     | equally with (i) “dividend parity stock” (as defined in this STRF Stock Annex) with respect to the                                                                                          
 payment of dividends; and (ii) “liquidation parity stock” (as defined in this STRF Stock Annex) with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to our existing and future indebtedness (including all of our issued and outstanding “Convertible 
 Notes” (as defined in this STRF Stock Annex)); and                                                       |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

| • |     | As of September 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in                  
 aggregate principal amount of consolidated indebtedness outstanding. Our indebtedness ranks senior to the STRF Stock. |

SA-5

| Our class A common stock, class B common stock, STRC Stock, STRK Stock and STRD Strock constitute “dividend junior stock” and “liquidation junior stock” (each as defined in this STRF Stock 
 Annex).                                                                                                                                                                                      |

| Transfer Agent and Paying Agent for the STRF Stock | U.S. Bank Trust Company, National Association. |

| Listing | The STRF Stock is listed on The Nasdaq Global Select Market under the symbol “STRF.” On November 3, 2025, the last reported sales price of our STRF Stock was $110.75 per share. |

| Risk Factors | Investing in the STRF Stock involves risks. See the “Risk Factors” section of this STRF Annex and the “Risk Factors”, “Risk Factors Related to the ATM Offering Programs” and “Risk Factors Updates”                                                     
 sections contained in the accompanying base prospectus supplement and prospectus and in the documents incorporated by reference into the accompanying base prospectus supplement and prospectus for a discussion of factors to consider carefully before 
 deciding to invest in shares of our STRF Stock.                                                                                                                                                                                                          |

| Material United States Federal Income Tax Considerations | For a description of material U.S. federal income tax consequences of purchasing, owning, and disposing of the STRF Stock, see “Material United States Federal Income Tax Consider