Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 18

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 18
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curities pursuant to this base prospectus supplement (including the applicable annex hereto) will terminate upon the earlier of (i) the sale of all such securities, (ii) the termination of such offering in

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accordance with the terms of the Sales Agreement and (iii) 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.

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

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EXPERTS

The consolidated financial statements of Strategy Inc (formerly MicroStrategy Incorporated) as of December 31, 2024 and 2023, and for each of the years
in the three-year period ended December 31, 2024, and management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2024 have been incorporated by reference herein and in the
registration statement in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

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WHERE YOU CAN FIND ADDITIONAL INFORMATION; INCORPORATION BY REFERENCE Available Information This base prospectus supplement is part of a registration statement on Form S-3we filed with the SEC under the Securities Act and does not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Whenever a reference