Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 4

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 4
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Risk Factors Related to the ATM Offering Programs” in the base prospectus supplement and “Risk Factors” in this STRD Stock Annex.

You may access the base prospectus supplement and accompanying prospectus on the SEC website at www.sec.gov as follows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website): https://www.sec.gov/Archives/edgar/data/1050446/000119312525263653/d87896d424b2.htm

TABLE OF CONTENTS PROSPECTUS SUPPLEMENT STRD STOCK ANNEX

| THE OFFERING                                             |     | SA-1  |
| RISK FACTORS                                             |     | SA-6  |
| USE OF PROCEEDS                                          |     | SA-13 |
| DESCRIPTION OF STRD STOCK                                |     | SA-14 |
| MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS |     | SA-33 |
| PLAN OF DISTRIBUTION                                     |     | SA-41 |
| LEGAL MATTERS                                            |     | SA-42 |

THE OFFERING The summary below describes the principal terms of the offering and the STRD Stock. The summary is qualified in its entirety by reference to the more detailed information appearing elsewhere in this STRD Stock Annex and the accompanying base prospectus supplement and prospectus. Certain of the terms of the STRD Stock described below are subject to important limitations and exceptions that are described in more detail under the caption “Description of STRD Stock .” As used in this section, (i) “we,” “our” and “us” refer to Strategy Inc and not to its subsidiaries; and (ii) “preferred stockholder” refers to a registered holder of the STRD Stock.

| Issuer | Strategy Inc |

| Securities Offered | Shares of our 10.00% Series A Perpetual Stride Preferred Stock, which we refer to as the “STRD Stock,” having an aggregate offering price of up to $4,133,799,112.67. |

| Manner of Offering | “At the market” offering that may be made from time to time through the Agents. See “Plan of Distribution” beginning on page SA-41 of this STRD Stock Annex. |

| Use of Proceeds | We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital, and may also use the net proceeds for the payment of cash dividends declared from time to time