Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 77

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 77
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 Agreement on November 4, 2025.

Because there is no minimum offering amount required as a condition to effect this offering of securities under this
STRC Stock Annex, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time. We estimate that the total expenses for this offering of STRC Stock, excluding any commissions or expense
reimbursement payable to the Agents under the terms of the Sales Agreement, will be approximately $300,000. The remaining sale proceeds, after deducting any other transaction fees, will equal our net proceeds from the sale of such shares.

The offering of our securities pursuant to this STRC Stock Annex and the accompanying base prospectus supplement will terminate upon the earlier of
(i) the sale of all securities subject to this STRC Stock Annex, (ii) the termination of this offering in accordance with the terms of the Sales Agreement and (iii) the termination of the Sales Agreement as permitted therein.

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 prospectus supplement forms a part.

SA-46

LEGAL MATTERS

The validity of the securities offered hereby will be passed upon by Wilmer Cutler Pickering Hale and Dorr LLP. The Agents are being represented by Davis
Polk & Wardwell LLP in connection with the offerings of securities hereunder.

SA-47

Variable Rate Series A Perpetual Stretch Preferred Stock PROSPECTUS SUPPLEMENT STRC STOCK ANNEX

| TD Securities         |     | Barclays                |     | The Benchmark Company |     | BTIG                     |
| Canaccord Genuity     |     | Cantor                  |     | Clear Street          |     | Compass Point            |
| H.C. Wainwright & Co. |     | Keefe, Bruyette & Woods 
 A Stifel Company        |     | Maxim Group LLC       |     | Mizuho                   |
| Morgan Stanley        |     | Santander               |     | SOCIETE GENERALE      |     | Texas Capital Securities |

November 4, 2025