Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 45

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 45
---
liquidation junior stock” (as defined below under the caption 
 “—Definitions,” and which includes our class A common stock, class B common stock, STRK Stock and STRD Stock) with respect to the distribution of assets upon our liquidation, dissolution or winding up;                       |

| • |     | equally with (i) dividend parity stock with respect to the payment of dividends; and (ii) liquidation    
 parity stock with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to (i) dividend senior stock (which includes our STRF Stock) with respect to the payment of                                                                                                                                        
 dividends; (ii) liquidation senior stock (which includes our STRF Stock) with respect to the distribution of assets upon our liquidation, dissolution or winding up; and (iii) our existing and future indebtedness (including all of our 
 issued and outstanding Convertible Notes); 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.                                   |

The terms of the STRC Stock do not restrict us from issuing dividend senior stock, dividend parity stock, liquidation senior stock or liquidation parity stock. As of July 29, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness outstanding. Additionally, as of July 29, 2025, there were 10,512,755 shares of STRF Stock outstanding, 12,780,784 shares of STRK Stock outstanding, 11,954,260 shares of STRD Stock outstanding, and no dividend parity stock or liquidation parity stock outstanding. Our indebtedness and STRF Stock rank senior to the STRC Stock. Regular Dividends Generally The STRC Stock accumulates cumulative dividends, which we refer to as “regular dividends,” at the rate per annum referred to below on the stated amount thereof (and, to the extent described in the second immediately following paragraph, on unpaid regular dividends thereon), regardless of whether or not declared or funds are S-30

legally available for their payment. Subject to the other provisions described below, such regular dividends will be payable when, as and if declared by our “board of directors” (as
defined below under the caption “—Definitions”), out of funds legally available for their payment, monthly