Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 35

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 35
---
 order to close or be closed will be deemed not to be a “business day.” Ranking The STRC Stock ranks as follows:

| • |     | senior to (i) “dividend junior stock” (as defined below under the caption                                                                                                                                               
 “—Definitions,” 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 below under the 
 caption “—Definitions,” 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 with respect to the payment of dividends; and (ii) liquidation    
 parity stock with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to (i) dividend senior stock (which includes our STRF Stock) with respect to the payment of                                                                                                                                        
 dividends; (ii) liquidation senior stock (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); 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.                                   |

The terms of the STRC Stock do not restrict us from issuing dividend senior stock, dividend parity stock, liquidation senior stock or liquidation parity stock. As of September 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness outstanding. Additionally, as of October 31, 2025, there were 12,470,812 shares of STRF Stock outstanding, 13,918,518 shares of STRK Stock outstanding, 12,539,683 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. SA-20

Regular Dividends

Generally

The STRC Stock accumulates cumulative
dividends, which we refer to as “regular dividends,” at the rate