Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 11

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 11
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ations.” In particular, holders should review the 
 discussion under “Material United States Federal Income Tax Considerations—Fast-Pay Stock Regulations” regarding the potentially adverse consequences that would apply if any shares of STRF                                        
 Stock were treated as “fast-pay” stock.                                                                                                                                                                                             |

| Book-Entry Form | We will initially issue the STRF Stock in the form of one or more global certificates registered in the name of Cede & Co., as nominee of The Depository Trust Company (which we refer to as “DTC”), which we will deposit with                       
 the transfer agent as custodian for DTC. Beneficial interests in global certificates will be shown on, and transfers of STRF Stock represented by global certificates will be effected only through, the records maintained by DTC. Except in limited 
 circumstances, we will not issue physical certificates representing any STRF Stock. See “Description of STRF Stock—Book Entry, Settlement and Clearance.”                                                                                             |

| Shares Outstanding After This Offering | Immediately after the consummation of this offering, 27,459,232 shares of STRF Stock, assuming sales of $1,659,967,526.88 shares of STRF Stock in this offering at a price of $110.75 per share, which was the last reported sale price of the STRF   
 Stock on The Nasdaq Global Select Market on November 3, 2025, 28,011,111 shares of STRC Stock, 13,918,518 shares of STRK Stock, 12,539,683 shares of STRD Stock, 19,640,250 shares of class B common stock, and 267,713,485 shares of class A common  
 stock will be outstanding. The actual number of shares of STRF Stock issued in this offering will vary depending on the actual sales prices in this offering. For purposes of this calculation, we have used the number of shares of STRF Stock, STRC 
 Stock, STRK Stock, STRD Stock, class B common stock, and class A common stock that were outstanding as of October 31, 2025.                                                                                                                           |

SA-6

RISK FACTORS An investment in the STRF Stock involves a high degree of risk. Before deciding whether to invest in the STRF Stock, you should carefully consider the risks described below and discussed under the sections captioned “Risk Factors”, “Risk Factors Related to the ATM Offering Programs” and “Risk Factor Updates” contained in the accompanying base prospectus supplement and prospectus and