Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263731
Chunk: 5

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 5
---
% Series A         
 Perpetual Strike Preferred Stock, $0.001 par value per share (“STRK Stock”), outstanding as of October 31, 2025; and |

| • |     | 22,957,824 shares of class A common stock issuable upon conversion of 229,578,243 shares of STRK Stock which                                                                                                        
 remain available for sale (assuming such shares are sold at $88.60 per share, the last sale price of our STRK Stock as reported on the Nasdaq Global Select Market on November 3, 2025), under the Sales Agreement. |

SA-2

RISK FACTORS An investment in our class A common stock involves a high degree of risk. Before deciding whether to invest in our class A common stock, you should carefully consider the risks described below and 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-K,each of which are incorporated by reference herein in their entirety, together with other information in this Common Stock Annex, and in any free writing prospectus that we have authorized for use in connection with this offering. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed. This could cause the trading price of our class A common stock to decline, resulting in a loss of all or part of your investment. Risks Related to This Offering The market price of our class A common stock has been and may continue to be volatile and you may not be able to sell your shares at or above the price you pay in this offering. The market price of our class A common stock has historically been volatile and this volatility has been significant in recent periods. Since August 11, 2020, the date on which we announced our initial purchase of bitcoin, the closing price of our class A common stock has increased from $12.36 as of August 10, 2020, the last trading day before our announcement, to $264.67 as of November 3, 2025, and has traded as high as $543.00 and as low as $13.26 during such period and the daily trading volume was as high as 100,444,000 shares and as low as