Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 12

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 12
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 Prospectus Supplement

We have broad discretion in the use of the net proceeds from the offerings of securities under this base prospectus supplement and the annexes to this base prospectus supplement and may not use them effectively.

We intend to use the net proceeds from the offerings of securities under this base prospectus supplement and the annexes to this base prospectus supplement for
the purposes set forth in the applicable annex. We have not determined the amount of net proceeds to be used specifically for any purpose. As a result, our management will have broad discretion in the application of the net proceeds from these
offerings 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. Because of the number and variability of factors that will determine our use of
the net proceeds from these offerings, their ultimate use may vary substantially. Our management may not apply our net proceeds in ways that ultimately increase the value of your investment. The failure by our management to apply these funds
effectively could harm our business. If we do not invest or apply the net proceeds from these offerings in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause the market prices of our securities
to decline.

We may use the net proceeds from the offerings of securities under this base prospectus supplement and the annexes to this base prospectus supplement to purchase additional bitcoin, the price of which has been, and will likely continue to be, highly volatile.

We may use the
net proceeds from the offerings of securities under this base prospectus supplement and the annexes to this base prospectus supplement to purchase additional bitcoin. Bitcoin is a highly volatile asset that has traded below $70,000 per bitcoin and
above $120,000 per bitcoin on the Coinbase exchange (our principal market for bitcoin) in the 12 months preceding the date of this prospectus. In addition, bitcoin does not pay interest or other returns and so ability to generate a return on
investment from the net proceeds from these offerings will depend on whether there is appreciation in the value of bitcoin following our purchases of bitcoin with the net proceeds from these offerings. Future fluctuations in bitcoin trading prices
may result in our converting bitcoin purchased with the net proceeds from these offerings into cash with a value substantially below the net proceeds from these offerings.

You may experience future dilution as a result of future equity or convertible debt offerings.

In order to raise additional capital, we may in the future offer additional securities, or