Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 22

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 22
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 sold:

| • |     | $800.0 million aggregate principal amount of 0.625% Convertible Senior Notes due 2030 (“2030A 
 Convertible Notes”);                                                                          |

| • |     | $2.000 billion aggregate principal amount of 0% 2030 Convertible Senior Notes due 2030 (“2030B 
 Convertible Notes”);                                                                           |

| • |     | $603.8 million aggregate principal amount of 0.875% Convertible Senior Notes due 2031 (“2031 
 Convertible Notes”);                                                                         |

| • |     | $800.0 million in aggregate principal amount of 2.25% Convertible Senior Notes due 2032 (“2032 
 Convertible Notes”);                                                                           |

| • |     | $1.010 billion in aggregate principal amount of 0.625% Convertible Senior Notes due 2028 (“2028 
 Convertible Notes”);                                                                            |

| • |     | $3.000 billion in aggregate principal amount of 0% Convertible Senior Notes due 2029 (“2029 Convertible                                                                                                   
 Notes” and, together with the 2030A Convertible Notes, the 2030B Convertible Notes, the 2031 Convertible Notes, the 2032 Convertible Notes, and the 2028 Convertible Notes, the “Convertible Notes”); and |

| • |     | 8,500,000 shares of perpetual strife preferred stock. |

We cannot predict:

| • |     | the size and terms of future issuances such securities; or |

| • |     | the effect, if any, that future issuances and sales of such securities will have on the trading price of the 
 perpetual strife preferred stock.                                                                            |

Transactions involving newly issued debt, perpetual strife preferred stock, or other series of liquidation parity or dividend parity preferred stock could result in a decrease in the trading price of our perpetual strife preferred stock perpetual strife preferred stock. Holders of perpetual strife preferred stock may be treated as receiving deemed distributions, and consequently may be subject to tax with respect to the perpetual strife preferred stock under certain circumstances, even though no corresponding distribution of cash has been made. Under Section 305 of the Internal Revenue Code of 1986, as amended (the “Code”), holders of perpetual strife preferred stock may be treated as receiving a deemed distribution on the perpetual strife preferred stock under certain circumstances, including (i) an increase in the liquidation preference of the perpetual