Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 9

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 9
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 STRF Stock outstanding, and no 
 dividend parity stock or liquidation parity stock outstanding. Our indebtedness, our STRF Stock, STRC Stock, and STRK Stock rank senior to the STRD Stock.                                                                                                |

| Transfer Agent and Paying Agent for the STRD Stock | U.S. Bank Trust Company, National Association. |

| Listing | The STRD Stock is listed on The Nasdaq Global Select Market under the symbol “STRD.” On November 3, 2025, the last reported sales price of our STRD Stock was $78.14 per share. |

| Risk Factors | Investing in the STRD Stock involves risks. See the “Risk Factors” section of this STRD Annex and the “Risk Factors”, “Risk Factors Related to the ATM Offering Programs” and “Risk Factors Updates”                                                     
 sections contained in the accompanying base prospectus supplement and prospectus and in the documents incorporated by reference into the accompanying base prospectus supplement and prospectus for a discussion of factors to consider carefully before 
 deciding to invest in shares of our STRD Stock.                                                                                                                                                                                                          |

| Material United States Federal Income Tax Considerations | For a description of material U.S. federal income tax consequences of purchasing, owning, and disposing of the STRD Stock, see “Material United 
 States Federal Income Tax Considerations.” In particular,                                                                                       |

SA-4

| holders should review the discussion under “Material United States Federal Income Tax Considerations—Fast-Pay Stock Regulations” 
 regarding the potentially adverse consequences that would apply if any shares of STRD Stock were treated as “fast-pay” stock.    |

| Book-Entry Form | We will initially issue the STRD Stock in the form of one or more global certificates registered in the name of Cede & Co., as nominee of The Depository Trust Company (which we refer to as “DTC”), which we will deposit with                       
 the transfer agent as custodian for DTC. Beneficial interests in global certificates will be shown on, and transfers of STRD Stock represented by global certificates will be effected only through, the records maintained by DTC. Except in limited 
 circumstances, we will not issue physical certificates representing any STRD Stock. See “Description of STRD Stock —Book Entry, Settlement and Clearance.”                                                                                            |

| Shares Outstanding After This Offering | Immediately after the consummation of this offering, 65,442,154 shares of STRD Stock, based on the number of shares of STRD Stock currently authorized under our certificate of incorporation and