Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 3

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 3
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 dated November 4, 2025 and prospectus. Neither the Securities and Exchange Commission nor any state or foreign securities commission or regulatory authority has approved or disapproved of these securities or passed upon the adequacy or accuracy of this STRF Stock Annex, the accompanying base prospectus supplement dated November 4, 2025 or the accompanying prospectus. Any representation to the contrary is a criminal offense. We expect to deliver the STRF Stock in book-entry form only through the facilities of The Depository Trust Company on or about the next trading day following the date of purchase.

| TD Securities         |     | Barclays                |     | The Benchmark Company |     | BTIG                     |
| Canaccord Genuity     |     | Cantor                  |     | Clear Street          |     | Compass Point            |
| H.C. Wainwright & Co. |     | Keefe, Bruyette & Woods 
 A Stifel Company        |     | Maxim Group LLC       |     | Mizuho                   |
| Morgan Stanley        |     | Santander               |     | SOCIETE GENERALE      |     | Texas Capital Securities |

November 4, 2025

ADDITIONAL DOCUMENTS RELATED TO THE OFFERING

You should read this STRF Stock Annex in conjunction with the base prospectus supplement dated November 4, 2025 and the accompanying prospectus dated
January 27, 2025. This STRF Stock Annex contains the specific terms of the STRF Stock and of our at-the-market offering of up to $1,659,967,526.88 of shares our of
STRF Stock and the base prospectus supplement describes the terms applicable to our at-the-market offerings of class A common stock and preferred stock in general. You
should carefully consider, among other things, the matters set forth under “Risk Factors Related to the ATM Offering Programs” in the base prospectus supplement and “Risk Factors” in this STRF Stock Annex.

You may access the base prospectus supplement and accompanying prospectus on the SEC website at www.sec.gov as follows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website): https://www.sec.gov/Archives/edgar/data/1050446/000119312525263653/d87896d424b2.htm

TABLE OF CONTENTS PROSPECTUS SUPPLEMENT STRF STOCK ANNEX

| THE OFFERING                                             |     | SA-1  |
| R