Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 0

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 0
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As Filed Pursuant to Rule 424(b)(5)
Registration No. 333-284510

PROSPECTUS SUPPLEMENT

(To Prospectus Dated January 27, 2025)

Up to $4,200,000,000 of

10.00% Series A Perpetual Stride Preferred Stock

We have entered into a Sales Agreement (the “Sales Agreement”) with TD Securities (USA) LLC, Barclays Capital Inc., The Benchmark Company, LLC,
Clear Street LLC and Morgan Stanley & Co. LLC (collectively, the “Agents”), dated July 7, 2025, relating to the sale of shares of our 10.00% Series A Perpetual Stride Preferred Stock, which we refer to as our “STRD
Stock,” offered by this prospectus supplement. In accordance with the terms of the Sales Agreement, under this prospectus supplement, we may offer and sell shares of our STRD Stock having an aggregate offering price of up to $4,200,000,000 from
time to time through one or more of the Agents, acting as our sales agents.

Our STRD Stock is listed on The Nasdaq Global Select Market under the trading
symbol “STRD.” On July 3, 2025, the last reported sale price of our STRD Stock as reported on The Nasdaq Global Select Market was $95.25 per share.

Sales of our STRD Stock, if any, under this prospectus supplement may be made by any method that is deemed an “at the market offering” as defined in
Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”), or any other method permitted by law, which may include negotiated transactions or block trades. Our STRD Stock will be offered and sold through the Agents
over a period of time and from time to time. None of the Agents are required to sell any specific amount, but each will act as our sales agent using commercially reasonable efforts, consistent with its normal trading and sales practices, on mutually
agreed terms between the Agents and us. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.

The compensation to
the Agents for sales of STRD Stock sold pursuant to the Sales Agreement will be up to 2.0% of the gross proceeds of any shares of STRD Stock sold under the Sales Agreement. In connection with the sale of the STRD Stock on our behalf,