Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 15
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, there were 267,713,485 shares of class A common stock outstanding,
19,640,250 shares of class B common stock outstanding, 13,918,518 shares of STRK Stock outstanding, and 12,539,683 shares of STRD Stock outstanding, all of which rank junior to the STRC Stock.

In addition, our subsidiaries have no obligation to pay any amounts on the STRC Stock. If any of our subsidiaries liquidates, dissolves or winds up, whether
voluntarily or involuntarily, then we, as a direct or indirect common equity owner of that subsidiary, will be subject to the prior claims of that subsidiary’s creditors, including trade creditors and preferred equity holders. We may never
receive any amounts from that subsidiary, and, accordingly, the assets of that subsidiary may never be available to make payments on the STRC Stock.

Our right to unilaterally reduce the regular dividend rate could cause the STRC Stock to accumulate dividends at rates that are below those of otherwise comparable instruments, could cause the trading price or value of the STRC Stock to decrease, and could otherwise significantly harm investors.

The STRC Stock accumulates cumulative regular dividends on the stated amount thereof at a variable rate per annum equal to the monthly regular dividend rate
per annum. The monthly regular dividend rate per annum was initially set at 9.00% with respect to the regular dividend period beginning on July 29, 2025. However, subject to

SA-8

the provisions described more fully under the caption “Description of STRC Stock—Regular Dividends,” we have the right, in our sole and absolute discretion, to adjust the
monthly regular dividend rate per annum that applies to each regular dividend period and we have adjusted the regular dividend rate on a monthly basis through the date of this STRC Stock Annex. As of the date of this STRC Stock Annex, the regular
dividend rate per annum is 10.50%. Our right to adjust the monthly regular dividend rate per annum is subject to certain restrictions. For example, we are not permitted to reduce the monthly regular dividend rate per annum that applies to any
regular dividend period (i) by more than the following amount from the monthly regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the
monthly SOFR per annum on the first business day of such prior regular dividend period, over