Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 36

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 36
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 the net proceeds are being used in a manner of which you approve.

SA-21

DESCRIPTION OF STRK STOCK

The following is a summary of certain provisions of the STRK Stock. It is only a summary and is not complete. The terms of our STRK Stock are set forth in a
certificate of designations and, upon ratification of the STRK Amendment, as amended by the STRK Amendment (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 STRK 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 STRK 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 STRK Stock” section supplements and, to the extent inconsistent therewith, supersedes the information in the accompanying
prospectus under the caption “Description of Capital Stock.”

Generally

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 33,200,000 shares of STRF Stock, 70,435,000 shares of STRC Stock, 269,800,000 shares
of STRK Stock and 61,176,000 shares of STRD Stock. As of October 31, 2025, 13,918,518 shares of STRK Stock were outstanding.

The up to
$20,340,632,356.64 of shares of STRK Stock that we may offer and sell under this STRK Stock Annex and the accompanying base prospectus supplement and prospectus constitutes a