Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 74

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 74
---
 from the sale of such shares.

A Selling Agent will provide written confirmation to us before the open of The Nasdaq Global Select Market on the day following each day on which our shares
of STRD Stock are sold under the Sales Agreement. Each confirmation will include the number of shares sold on that day, the aggregate gross proceeds of such sales and the proceeds to us.

In connection with the sale of the shares of STRD Stock on our behalf, each Selling Agent may be deemed to be an “underwriter” within the meaning of
the Securities Act, and the compensation of such Agent may be deemed to be underwriting commissions or discounts. In addition, we have agreed to indemnify the Agents against certain civil liabilities, including liabilities under the Securities Act.
We have also agreed to contribute to payments the Agents may be required to make in respect of such liabilities.

The offering of our shares of STRD Stock
pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all shares of STRD Stock subject to the Sales Agreement and (ii) the termination of the Sales Agreement as permitted therein. We and the Agents may each
terminate the Sales Agreement at any time upon three trading days’ prior notice.

S-51

This summary of the material provisions of the Sales Agreement does not purport to be a complete statement
of its terms and conditions. A copy of the Sales Agreement will be filed with the SEC as an exhibit to a Current Report on Form 8-K filed under the Exchange Act and will be incorporated by reference into the
registration statement of which this prospectus supplement forms a part.

Each of the Agents and their respective affiliates have previously provided, and
may in the future provide, various investment banking, commercial banking, financial advisory and other financial services for us and our affiliates, for which services they have received and may in the future receive customary fees. In the course
of their respective businesses, the Agents or their affiliates may actively trade our securities for their own accounts or for the accounts of their customers, and, accordingly, the Agents or their affiliates may at any time hold long or short
positions in such securities.

This prospectus supplement in electronic format may be made available on websites maintained by the Agents, and the Agents
may distribute this prospectus supplement electronically.

S-52

LEGAL MATTERS

Certain legal matters with respect to the offering of STRD Stock will be passed upon for us by Wilmer Cutler Pickering Hale and Dorr LLP. Certain legal
matters with