Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 32

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 32
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 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, the 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.

Without the consent of any holder, we may, by resolution of our board of directors, increase the total number of authorized shares of STRD Stock, except that
in no event will such increase be by an amount that exceeds the total number of authorized and undesignated shares of our preferred stock. In addition, without the consent of any holder of STRD Stock, we may issue additional STRD Stock with the same
terms as the STRD Stock we are offering (except for certain differences, such as the date as of which regular dividends begin to accrue on, the first regular dividend payment date for, and transfer restrictions applicable to, such additional STRD
Stock). Furthermore, without the consent of any holder, we may resell any STRD Stock that we or any of our “subsidiaries” (as defined below under the caption “—Definitions”) has purchased or otherwise acquired. However, such
additional or resold STRD Stock must be identified by a separate CUSIP number or by no CUSIP number if they are not fungible, for purposes of federal securities laws or, if applicable, the “depositary procedures” (as defined below under
the caption “—Definitions”), with other STRD Stock that is then outstanding. In addition, without the consent of any holder, we may create and issue, or increase the authorized or issued number of, any other class or series of stock
(including, for the avoidance of doubt, “dividend senior stock,” “dividend parity stock,” “liquidation senior stock” or “liquidation parity stock” (as those terms are defined below under the caption
“—Definitions”)), including our STRK Stock and our STRF Stock.

S-24

Subject to applicable law, we or our subsidiaries may directly or indirectly repurchase STRD Stock in the open market or otherwise, whether through