Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 16

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 16
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, we will not issue physical certificates representing any STRD Stock. See “Description of STRD 
 Stock—Book Entry, Settlement and Clearance.”                                                                                                                                         |

| Shares Outstanding After This Offering | Immediately after the consummation of this offering, 55,859,188 shares of STRD Stock, assuming sales of $4,200,000,000 shares of STRD Stock in this offering at a price of $95.25 per share, which was the last reported sale price of the STRD Stock    
 on The Nasdaq Global Select Market on July 3, 2025, 10,066,750 shares of STRF Stock, 12,201,367 shares of STRK Stock, 19,640,250 shares of class B common stock, and 261,318,341 shares of class A common stock will be outstanding. The actual          
 number of shares of STRD 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 STRD Stock, STRF Stock, STRK Stock, class B common stock, 
 and class A common stock that were outstanding as of June 30, 2025.                                                                                                                                                                                      |

S-13

RISK FACTORS An investment in the STRD Stock involves a high degree of risk. Before deciding whether to invest in the STRD Stock, you should carefully consider the risks described below and discussed under the sections captioned “Risk Factors” or “Risk Factor Updates” contained 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 prospectus, the information and documents incorporated by reference in this prospectus, 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, resulting in a loss of all or part of your investment. As used in this section, (i) “we,” “our” and “us” refer to MicroStrategy Incorporated d/b/a Strategy and not to its subsidiaries; and (ii) “preferred stockholder” refers to a registered holder of the STRD Stock. Risks Related to the STRD Stock and This Offering Although the STRD Stock is senior to our class A common stock and class B common