Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 1

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 1
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 STRF Stock under prospectus supplements dated May 22, 2025 and
July 7, 2025. Prior to the date of this STRF Stock Annex, we have previously sold 3,970,812 shares of STRF Stock under such prior prospectus supplements for gross proceeds of $440,032,473.12, with shares of STRF Stock with an aggregate offering
price of up to $1,659,967,526.88 remaining unsold under such offering. As of the date of this STRF Stock Annex, we have terminated such prior offering of STRF Stock and the sales agreement relating to such prior offering and such unsold shares of
STRF Stock will no longer be offered and sold under the prior prospectus supplements. Instead, the remaining $1,659,967,526.88 of our STRF Stock will be offered and sold under this STRF Stock Annex, the base prospectus supplement dated November 4,
2025 and the accompanying prospectus.

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

STRF STOCK

The up to $1,659,967,526.88 of shares of STRF Stock that we may offer and sell under this STRF Stock Annex and the accompanying base prospectus
supplement and prospectus constitutes a further issuance of shares of STRF Stock in addition to the 12,470,812 shares of STRF Stock outstanding as of the date of this STRF Stock Annex. Other than the issue date, the first regular dividend record
date and the first regular dividend payment date, the STRF Stock that we may offer and sell under this STRF Stock Annex and the accompanying base prospectus supplement and prospectus will have terms identical to, will have the same CUSIP number as,
and will vote together with, the STRF Stock outstanding as of the date of this STRF Stock Annex immediately upon issuance.

The STRF Stock has an initial liquidation preference of $100 per share. The liquidation preference is subject to adjustment in the manner described in this STRF Stock Annex. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share. The STRF Stock accumulates cumulative dividends, which we refer to as “regular dividends,” at a