Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 5

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 5
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 prospectus supplement dated November 4, 2025 and the accompanying prospectus dated
January 27, 2025. This STRK Stock Annex contains the specific terms of the STRK Stock and of our at-the-market offering of up to $20,340,632,356.64 of shares our of
STRK 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 STRK 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 STRK STOCK ANNEX

|                                                          |     | PAGE |       |
| THE OFFERING                                             |     |      | SA-1  |
| RISK FACTORS                                             |     |      | SA-10 |
| USE OF PROCEEDS                                          |     |      | SA-21 |
| DESCRIPTION OF STRK STOCK                                |     |      | SA-22 |
| MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS |     |      | SA-60 |
| PLAN OF DISTRIBUTION                                     |     |      | SA-71 |
| LEGAL MATTERS                                            |     |      | SA-72 |

SA-i

THE OFFERING The summary below describes the principal terms of the offering and the STRK Stock. The summary is qualified in its entirety by reference to the more detailed information appearing elsewhere in this STRK Stock Annex and the accompanying base prospectus supplement and prospectus. Certain of the terms of the STRK Stock described below are subject to important limitations and exceptions that are described in more detail under the caption “Description of STRK Stock.” As used in this section, (i) “we,” “us” and “our” refer to Strategy Inc and not to its subsidiaries; and (ii) “preferred stockholder” refers to a registered holder of the STRK Stock.

| Issuer | Strategy Inc |

| Securities Offered | Shares of our 8.00