Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 32

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 32
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 by Reference.”

Certain terms used in this summary are
defined below under the caption “—Definitions.” Certain other terms used in this summary are defined in the certificate of designations.

References to “we,” “us” and “our” in this section refer to MicroStrategy Incorporated d/b/a Strategy only and not to any of its
subsidiaries.

This “Description of Perpetual Strife Preferred Stock” section supplements and, to the extent inconsistent therewith, supersedes
the information in the accompanying prospectus under the caption “Description of Capital Stock.”

General

Our certificate of incorporation authorizes us to issue up to 1,005,000,000 shares of preferred stock, $0.001 par value per share, in one or more series, and
authorizes our board of directors to designate the preferences, rights and other terms of each series. As of May 20, 2025, 8,500,000 shares of perpetual strife preferred stock and 9,757,123 shares of perpetual strike preferred stock were
outstanding.

The up to $2,100,000,000 of shares of perpetual strife preferred stock that we may offer and sell under this prospectus supplement and the
accompanying prospectus constitutes a further issuance of shares of perpetual strife preferred stock in addition to the 8,500,000 shares of perpetual strife preferred stock outstanding as of the date of this prospectus supplement. Other than the
issue date, and in the case of perpetual strife preferred stock issued after June 15, 2025, the first regular dividend date, the perpetual strife preferred stock that we may offer and sell under this prospectus supplement and the accompanying
prospectus will have terms identical to, will have the same CUSIP number as, and will vote together with, the perpetual strife preferred stock outstanding as of the date of this prospectus supplement immediately upon issuance.

Without the consent of any holder, we may, by resolution of our board of directors, increase the total number of authorized shares of perpetual strife
preferred stock, except that in no event will such increase be by an amount that exceeds the total number of authorized and undesignated shares of our preferred stock. In addition, without the consent of any holder of perpetual strife preferred
stock, we may issue additional perpetual strife preferred stock with the same terms as the perpetual strife preferred stock we are offering (except for certain differences, such as the date as of which regular dividends begin to accumulate on, the
first regular dividend payment