Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 26

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 26
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 policies, could materially 
 adversely affect our business;                                                                                                                                                                                                                    |

-6-

| • |     | if we or our third-party service providers experience a disruption due to a cybersecurity attack or security                                                                                                                                 
 breach and unauthorized parties obtain access to our customers’, prospects’, vendors’, or channel partners’ data, our data, our networks or other systems, or the cloud environments we manage, our offerings may be perceived as            
 not being secure, our reputation may be harmed, demand for our offerings may be reduced, our operations may be disrupted, we may incur significant legal and financial liabilities, and our business could be materially adversely affected; |

Risks Related to Our Class A Common Stock

| • |     | the market price of our class A common stock has been and may continue to be volatile; |

| • |     | because of the rights of our two classes of common stock and because Michael J. Saylor, who                                                                                                                                                      
 beneficially owns the majority of our class B common stock, controls a significant portion of our total voting power, Mr. Saylor has significant influence over matters that require approval of our stockholders and could impede a third party 
 from acquiring us, or limit the ability of our other stockholders to influence corporate matters funds;                                                                                                                                          |

| • |     | future sales, or the perception of future sales, of our class A common stock, convertible debt instruments,       
 convertible preferred stock, or other convertible securities could depress the price of our class A common stock; |

Risks Related to Our Outstanding and Potential Future Indebtedness

| • |     | our level and terms of indebtedness could adversely affect our ability to raise additional capital to further                         
 execute on our bitcoin strategy, fund our enterprise analytics software operations, and take advantage of new business opportunities; |

| • |     | we may be unable to service our indebtedness, which could cause us to default on our debt obligations and could 
 force us into bankruptcy or liquidation;                                                                        |

| • |     | the conditional conversion feature of the outstanding convertible notes, if triggered, may adversely affect our 
 financial condition and operating results; and                                                                  |

Other Risks

| • |     | the other risks detailed in the “Risk Factors” sections incorporated by reference in this prospectus 
 or contained or incorporated by reference in any prospectus supplement.                              |

We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters