Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 23

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 23
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We have not determined the amount of net proceeds to be used specifically for any of these purposes. As a result, our management
will have broad discretion in the application of the net proceeds from this offering and you will 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.

SA-13

DESCRIPTION OF STRF STOCK

The following is a summary of certain provisions of the STRF Stock”. It is only a summary and is not complete. The terms of our STRF Stock are set forth
in a certificate of designations (the “certificate of designations”) and our second restated certificate of incorporation (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 STRF 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 STRF Stock, and our certificate of incorporation, as provided under the caption “Where You Can Find Additional Information; Incorporation by Reference” in the accompanying base prospectus
supplement.

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
Strategy Inc only and not to any of its subsidiaries.

This “Description of STRF 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. Our board of directors has authorized the issuance of up to 269,800,000 shares of STRK Stock, 33,200,000 shares of STRF Stock, 61,176,000 shares
of STRD Stock and 70,435,000 shares of STRC Stock. As of October 31, 2025, 12,470,812 shares of STRF Stock, 28,011,111 shares of STRC Stock, 13