Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 8

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 8
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 consolidations, combinations and mergers involving us; and (iii) certain binding or     
 statutory share exchanges or reclassifications involving the STRD Stock.                                                                                                                                                                     |

| See “Description of STRD Stock—Voting Rights.” |

| Ranking | The STRD Stock ranks as follows: |

| • |     | senior to (i) “dividend junior stock” (as defined in this STRD Stock Annex, and which includes our                                                   
 class A common stock and our class B common stock) with respect to the payment of dividends; and (ii) “liquidation junior stock” (as defined in this |

SA-3

| STRD Stock Annex, and which includes our class A common stock and our class B common stock) with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | equally with (i) “dividend parity stock” (as defined in this STRD Stock Annex) with respect to the                                                                                          
 payment of dividends; and (ii) “liquidation parity stock” (as defined in this STRD Stock Annex) with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to (i) “dividend senior stock” and “liquidation senior stock” (as those terms are                                                                                                                                    
 defined in this STRD Stock Annex, and which include our 10.00% Series A Perpetual Strife Preferred Stock (“STRF Stock”), our Variable Rate Series A Perpetual Stretch Preferred Stock (“STRC Stock”) and our 8.00% Series A 
 Perpetual Strike Preferred Stock (“STRK Stock”)); and (ii) our existing and future indebtedness (including all of our issued and outstanding “Convertible Notes” (as defined in this STRD Stock Annex)); and                |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

| • |     | As of September 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate                                                                                                                                            
 principal amount of consolidated indebtedness outstanding. Additionally, as of October 31, 2025, there were 13,918,518 shares of STRK Stock outstanding, 28,011,111 shares of STRC Stock outstanding, 12,470,812 shares of