Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 18

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 18
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 and unpaid regular dividends, if any, thereon to, and 
 including, the fundamental change repurchase date.                                                                                                                                                                                              |

| See “Description of STRC Stock—Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase STRC Stock.” |

| Voting Rights | The STRC Stock has no voting rights except as described in this prospectus supplement or as provided in our certificate of incorporation or required by the Delaware General Corporation Law. |

| Subject to the exceptions and limitations described in this prospectus supplement, the affirmative vote or consent of                                                                                                                                     
 preferred stockholders, and holders of each class or series of voting parity stock, if any, with similar voting or consent rights with respect to such event, representing at least a majority of the combined outstanding voting power of the STRC Stock 
 and such voting parity stock will be                                                                                                                                                                                                                      |

S-13

| required for certain transactions or events, including (i) certain amendments to our certificate of incorporation or the certificate of designations establishing the terms of the STRC Stock; 
 (ii) certain consolidations, combinations and mergers involving us; and (iii) certain binding or statutory share exchanges or reclassifications involving the STRC Stock.                      |

| See “Description of STRC Stock—Voting Rights.” |

| Ranking | The STRC Stock ranks as follows: |

| • |     | senior to (i) “dividend junior stock” (as defined in this prospectus supplement, and which includes our                                                                                                                                      
 class A common stock, class B common stock, STRK Stock and STRD Stock) with respect to the payment of dividends; and (ii) “liquidation junior stock” (as defined in this prospectus supplement, and which includes our class A common stock, 
 class B common stock, STRK Stock and STRD Stock) with respect to the distribution of assets upon our liquidation, dissolution or winding up;                                                                                                 |

| • |     | equally with (i) “dividend parity stock” (as defined in this prospectus supplement) with respect to the                                                                                          
 payment of dividends; and (ii) “liquidation parity stock” (as defined in this prospectus supplement) with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to (i) “dividend senior stock” (as defined in this prospectus supplement, and which includes our                                                                                                                              
 STRF Stock) with respect to the payment of dividends; (ii)