Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 1

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 1
---
 the selling
Agents may be deemed to be “underwriters” within the meaning of the Securities Act and the compensation of the Agents may be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and
contribution to the Agents with respect to certain liabilities, including civil liabilities under the Securities Act or Securities Exchange Act of 1934, as amended (the “Exchange Act”).

STRD STOCK

The up to $4,200,000,000 of shares of STRD
Stock that we may offer and sell under this prospectus supplement and the accompanying prospectus constitutes a further issuance of shares of STRD Stock in addition to the 11,764,700 shares of STRD Stock outstanding as of the date of this prospectus
supplement. Other than the issue date, and in the case of STRD Stock issued after September 15, 2025, the first regular dividend record date, STRD Stock that we may offer and sell under this prospectus supplement and the accompanying 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 prospectus supplement 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
prospectus supplement. 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-cumulativedividends, which we refer to as “regular dividends,” at a rate per annum equal to 10.00% on the stated amount thereof, which is $100 per share of STRD Stock, out of funds legally available for their payment only when, as, and if declared by our board of directors or any duly authorized committee thereof. If declared, regular dividends on the STRD Stock will be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on September 30, 2025. Since regular dividends are not cumulative, we do not have any obligation to pay any regular dividend for any regular dividend period unless we declare such regular dividend prior to the regular dividend payment date for such regular dividend period. No dividend, interest or other amount will accumulate or accrue on