Company: MSTR
Filing Date: 2025-01-27
Form Type: S-3ASR
Source: 0001193125-25-012707
Chunk: 2

Company: Strategy Inc
Filing Date: 2025-01-27
Form: S-3ASR
Chunk 2
---
 involves significant risks. See the information included under “ Risk Factors” on page 8 of this prospectus and in any accompanying prospectus supplement, and under similar headings in the documents incorporated by reference in this prospectus or any prospectus supplement, for a discussion of the factors you should carefully consider before deciding to purchase our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

The date of this prospectus is January 27, 2025

TABLE OF CONTENTS

| ABOUT THIS PROSPECTUS                                |     |  1 |
| WHERE YOU CAN FIND MORE INFORMATION                  |     |  3 |
| INCORPORATION BY REFERENCE                           |     |  4 |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |     |  5 |
| RISK FACTORS                                         |     |  8 |
| MICROSTRATEGY INCORPORATED                           |     |  9 |
| USE OF PROCEEDS                                      |     | 11 |
| DESCRIPTION OF DEBT SECURITIES                       |     | 12 |
| DESCRIPTION OF CAPITAL STOCK                         |     | 22 |
| DESCRIPTION OF DEPOSITARY SHARES                     |     | 29 |
| DESCRIPTION OF WARRANTS                              |     | 32 |
| DESCRIPTION OF UNITS                                 |     | 33 |
| FORMS OF SECURITIES                                  |     | 34 |
| PLAN OF DISTRIBUTION                                 |     | 36 |
| LEGAL MATTERS                                        |     | 38 |
| EXPERTS                                              |     | 38 |

ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement that we filed with the Securities and Exchange Commission (the “SEC”) as a
“well-known seasoned issuer,” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”), utilizing a “shelf” registration process. Under this shelf registration process, we may from time
to time sell any combination of the securities described in this prospectus in one or more offerings.

This prospectus provides you with a
general description of the securities we may offer. Each time we sell securities, we will provide one or more prospectus supplements that will contain specific information about the terms of the offering. We may also authorize one or more free
writing prospectuses to be provided to you