Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 41

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 41
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 not have the opportunity as part of your investment decision to assess whether the net proceeds are being used in a manner of which you approve.

S-27

DESCRIPTION OF PERPETUAL STRETCH PREFERRED STOCK

The following is a summary of certain provisions of our Variable Rate Series A Perpetual Stretch Preferred Stock (the “STRC Stock”). It is only a
summary and is not complete. The terms of our STRC Stock are set forth in a certificate of designations (the “certificate of designations”) and our second restated certificate of incorporation (as amended and supplemented to date, the
“certificate of incorporation”). We qualify this summary by referring you to the certificate of designations and our certificate of incorporation, because they, and not this summary, define your rights as a holder of the STRC Stock. We
will provide you, upon written request, with a copy of the certificate of designations, which includes the form of the certificates that will represent the STRC Stock, and our certificate of incorporation, as provided under the caption “Where
You Can Find Additional Information; Incorporation by Reference.”

Certain terms used in this summary are defined below under the caption
“—Definitions.” Certain other terms used in this summary are defined in the certificate of designations.

References to “we,”
“us” and “our” in this section refer to MicroStrategy Incorporated d/b/a Strategy only and not to any of its subsidiaries.

This
“Description of STRC Stock” section supplements and, to the extent inconsistent therewith, supersedes the information in the accompanying prospectus under the caption “Description of Capital Stock.”

General

Our certificate of incorporation authorizes us
to issue up to 1,005,000,000 shares of preferred stock, $0.001 par value per share, in one or more series, and authorizes our board of directors to designate the preferences, rights and other terms of each series. As of July 29, 2025,
10,512,755 shares of STRF Stock, 12,780,784 shares of STRK Stock, 11,954,260 shares of STRD Stock and 28,011,111 shares of STRC Stock were outstanding.

The up to $4,200,000,000 of shares of STRC Stock that we may offer and sell under this prospectus supplement and the accompanying prospectus constitutes a
further issuance of shares of STRC Stock in addition to the 28,011,111 shares of STR