Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 16

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 16
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 interest or other returns and so our ability to generate cash from our bitcoin holdings
depends on sales. Future fluctuations in bitcoin trading prices may result in our converting bitcoin purchased with the net proceeds from the offerings of securities under this prospectus supplement into cash with a value substantially below the net
proceeds from these offerings, and there can be no assurance as to whether or when we will realize any cash proceeds from our contemplated acquisition of bitcoin.

We have not determined the amount of net proceeds to be used specifically for any of these purposes. As a result, our management will have broad discretion in
the application of the net proceeds from these offerings and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used in a manner of which you approve.

S-12

PLAN OF DISTRIBUTION

We have entered into a Sales Agreement with the Agents, under which we may offer and sell our securities from time to time through the Agents acting as our
sales agents, or their respective broker-dealer affiliates (each such entity, a “Selling Agent”). Sales of our securities, if any, under this base prospectus supplement and the annexes to this base prospectus supplement will be made by
any method that is deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act or any other method permitted by law, which may include negotiated transactions or block trades. We entered into the Sales
Agreement on November 4, 2025.

We have agreed that Bernstein Institutional Services LLC will execute sales of securities into the market on behalf of SG
Americas Securities, LLC.

Each time we wish to issue and sell securities under the Sales Agreement, we will notify an Agent of the amount and type of
securities to be issued, the dates on which such sales are anticipated to be made, any limitation on the number of securities to be sold in any one day and any minimum price below which sales may not be made. Once we have so instructed an Agent,
unless such Agent declines to accept the terms of such notice, such Agent has agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such securities up to the amount specified on such terms.
The obligations of an Agent under the Sales Agreement to sell our securities are subject to a number of conditions that we must meet. We will only sell securities of any single class or series through one Selling Agent on any single trading day;
provided, however, that such prohibition on