Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 19

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 19
---
 “liquidation senior stock” (as defined in this prospectus supplement, and which includes our STRF Stock) with respect to the distribution of assets upon our liquidation, 
 dissolution or winding up; and (iii) our existing and future indebtedness (including all of our issued and outstanding “Convertible Notes” (as defined in this prospectus supplement)); and                                          |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

| As of July 29, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness outstanding. Additionally, as of July 29, 2025,                                                 
 there were 10,512,755 shares of STRF Stock outstanding, 12,780,784 shares of STRK Stock outstanding, 11,954,260 shares of STRD Stock outstanding, and no dividend parity stock or liquidation parity stock outstanding. Our indebtedness and STRF Stock 
 rank senior to the STRC Stock.                                                                                                                                                                                                                          |

| Transfer Agent and Paying Agent for the STRC Stock | U.S. Bank Trust Company, National Association. |

S-14

| Listing | The STRC Stock is listed on The Nasdaq Global Select Market under the symbol “STRC.” On July 30, 2025, the last reported sale price of our STRC Stock as reported on The Nasdaq Global Select Market was $94.50 per share. |

| Risk Factors | Investing in the STRC Stock involves risks. See “Risk Factors.” |

| Material U.S. Federal Income Tax Considerations | For a description of material U.S. federal income tax consequences of purchasing, owning, and disposing of the STRC Stock, see “Material United States Federal Income Tax Considerations.” In particular, holders should review the 
 discussion under “Material United States Federal Income Tax Considerations—Fast-Pay Stock Regulations” regarding the potentially adverse consequences that would apply if any shares of STRC Stock                                  
 were treated as “fast-pay” stock.                                                                                                                                                                                                   |

| Book-Entry Form | We 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