Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 1

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 1
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D Stock under a prospectus supplement dated July 7, 2025.
Prior to the date of this STRD Stock Annex, we have previously sold 774,983 shares of STRD Stock under such prior prospectus supplement for gross proceeds of $66.2 million, with shares of STRD Stock with an aggregate offering price of up to
$4,133,799,112.67 remaining unsold under such offering. As of the date of this STRD Stock Annex, we have terminated such prior offering of STRD Stock and the sales agreement relating to such prior offering and such unsold shares of STRD Stock will
no longer be offered and sold under the prior prospectus supplement. Instead, the remaining $4,133,799,112.67 of our STRD Stock will be offered and sold under this STRD Stock Annex, the accompanying base prospectus supplement dated November 4, 2025
and the accompanying prospectus.

Our STRD Stock is listed on The Nasdaq Global Select Market under the trading symbol “STRD.” On
November 3, 2025, the last reported sale price of our STRD Stock as reported on The Nasdaq Global Select Market was $78.14 per share.

STRD STOCK

The up to $4,133,799,112.67 of shares of STRD Stock that we may offer and sell under this STRD Stock Annex and the accompanying base prospectus
supplement and prospectus constitutes a further issuance of shares of STRD Stock in addition to the 12,539,683 shares of STRD Stock outstanding as of the date of this STRD Stock Annex. Other than the issue date, the first regular dividend record
date and first regular dividend payment date, STRD Stock that we may offer and sell under this STRD 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 STRD Stock outstanding as of the date of this STRD Stock Annex immediately upon issuance.

The STRD Stock has an initial liquidation preference of $100 per share. The liquidation preference is subject to adjustment in the manner described in this STRD Stock Annex. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share. Dividends on shares of the STRD Stock are not mandatory. Holders of the STRD Stock will be entitled to receive non-cumulatived