Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 21

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 21
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| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |     |  5 |
| RISK FACTORS                                         |     |  8 |
| MICROSTRATEGY INCORPORATED                           |     |  9 |
| USE OF PROCEEDS                                      |     | 11 |
| DESCRIPTION OF DEBT SECURITIES                       |     | 12 |
| DESCRIPTION OF CAPITAL STOCK                         |     | 22 |
| DESCRIPTION OF DEPOSITARY SHARES                     |     | 29 |
| DESCRIPTION OF WARRANTS                              |     | 32 |
| DESCRIPTION OF UNITS                                 |     | 33 |
| FORMS OF SECURITIES                                  |     | 34 |
| PLAN OF DISTRIBUTION                                 |     | 36 |
| LEGAL MATTERS                                        |     | 38 |
| EXPERTS                                              |     | 38 |

ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the “SEC”) as a
“well-known seasoned issuer,” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”), utilizing a “shelf” registration process. Under this shelf registration process, we may
from time to time sell any combination of the securities described in this prospectus in one or more offerings.

This prospectus provides
you with a general description of the securities we may offer. Each time we sell securities, we will provide one or more prospectus supplements that will contain specific information about the terms of the offering. We may also authorize one or more
free writing prospectuses to be provided to you that may contain material information relating to these offerings. The prospectus supplement or free writing prospectus may also add, update or change information contained in this prospectus. You
should read both this prospectus and the accompanying prospectus supplement (and any applicable free writing prospectus) together with the additional information described under the headings “Where You Can Find More Information” and
“Incorporation by Reference.” If there is any inconsistency between the information in this prospectus and any prospectus supplement or free writing prospectus, you should rely on the information contained in the prospectus supplement or
free writing prospectus, as applicable.

You should rely only on the information contained in or incorporated by reference in this
prospectus, any accompanying prospectus supplement or in any related free writing prospectus filed by us with the SEC. We have not authorized anyone to provide