Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 13

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 13
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 will initially issue the STRC 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 STRC 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 STRC Stock. See “Description of STRC Stock—Book Entry, Settlement and Clearance.”                                                                                             |

| Shares Outstanding After This Offering | Immediately after the consummation of this offering, 70,175,552 shares of STRC Stock, assuming sales of $4,200,000,000.00 shares of STRC Stock in this offering at a price of $99.61 per share, which was the last reported sale price of the STRC       
 Stock on The Nasdaq Global Select Market on November 3, 2025, 12,470,812 shares of STRF Stock, 13,918,518 shares of STRK Stock, 12,539,683 shares of STRD Stock, 19,640,250 shares of class B common stock, and 267,713,485 shares of our class A common 
 stock will be outstanding. The actual number of shares of STRC Stock issued in this offering will vary depending on the actual sales prices in this offering. For purposes of this calculation, we have used the number of shares of STRF Stock, STRK    
 Stock, STRD Stock, class B common stock, and class A common stock that were outstanding as of October 31, 2025.                                                                                                                                          |

SA-7

RISK FACTORS

An investment in the STRC Stock involves a high degree of risk. Before deciding whether to invest in the STRC Stock, you should carefully consider the risks described below and discussed under the sections captioned “Risk Factors”, “Risk Factors Related to the ATM Offering Programs” and “Risk Factor Updates” contained in the accompanying base prospectus supplement and prospectus and in our most recent Annual Report on Form 10-K,any of our subsequent Quarterly Reports on Form 10-Q,and any of our Current Reports on Form 8-Kthat are incorporated by reference herein, together with other information in this STRC Stock Annex, in the accompanying base prospectus supplement and prospectus, and in