Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 37

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 37
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 further issuance of the 13,918,518 shares of STRK Stock outstanding as of
the date of this STRK Stock Annex. Other than the issue date, the first regular dividend record date and the first regular dividend payment date, the STRK Stock that we may offer and sell under this STRK Stock Annex and the accompanying base
prospectus supplement and prospectus will have terms identical to, will have the same CUSIP number as, and will vote together with, the STRK Stock outstanding as of the date of this STRK Stock Annex immediately upon issuance.

Without the consent of any holder, we may, by resolution of our board of directors, increase the total number of authorized shares of STRK Stock, except that
in no event will such increase be by an amount that exceeds the total number of authorized and undesignated shares of our preferred stock. In addition, without the consent of any holder of STRK Stock, we may issue additional STRK Stock with the same
terms as the STRK Stock we are offering (except for certain differences, such as the date as of which regular dividends begin to accumulate on, the first regular dividend record date and first regular dividend payment date for, and transfer
restrictions applicable to, such additional STRK Stock). Furthermore, without the consent of any holder, we may resell any STRK Stock that we or any of our “subsidiaries” (as defined below under the caption
“—Definitions”) has purchased or otherwise acquired. However, such additional or resold STRK Stock must be identified by a separate CUSIP number or by no CUSIP number if they are not fungible, for purposes of federal securities
laws or, if applicable, the “depositary procedures” (as defined below under the caption “—Definitions”), with other STRK Stock that is then outstanding. In addition, without the consent of any holder, we may create and
issue, or increase the authorized or issued number of, any other class or series of stock (including, for the avoidance of doubt, “dividend senior stock” or “liquidation senior stock” (as those terms are defined below under
the caption “—Definitions”)), including our STRF Stock and STRC Stock.

SA-22

Subject to applicable law, we or our subsidiaries may directly or indirectly repurchase STRK Stock in the open market or otherwise, whether through private or public tender or exchange offers, cash-settled swaps or other cash-settled derivatives. Transfer