Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 14

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 14
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 of 0.875% Convertible Senior Notes due 2031 (“2031 
 Convertible Notes”);                                                                          |

| • |     | $800.00 million in aggregate principal amount of 2.25% Convertible Senior Notes due 2032 (“2032 
 Convertible Notes”);                                                                            |

| • |     | $1.01 billion in aggregate principal amount of 0.625% Convertible Senior Notes due 2028 (“2028 
 Convertible Notes”); and                                                                       |

| • |     | $3.00 billion in aggregate principal amount of 0% Convertible Senior Notes due 2029 (“2029 Convertible                                                                                                
 Notes” and, together with the 2030A Convertible Notes, the 2030B Convertible Notes, the 2031 Convertible Notes, the 2032 Convertible Notes, and the 2028 Convertible Notes, the “Convertible Notes”). |

We cannot predict:

| • |     | the size of future issuances of equity securities; |

| • |     | the size and terms of future issuances of convertible debt instruments or other convertible securities; or |

| • |     | the effect, if any, that future issuances and sales of such securities will have on the trading price of the 
 securities.                                                                                                  |

Transactions involving newly issued debt, issuance of our current authorized series of preferred stock, or other series of preferred stock could result in a decrease in the trading price of our securities. The condition of the financial markets, prevailing interest rates and other factors could significantly affect the trading prices of our securities. The condition of the financial markets and changes in prevailing interest rates can have an adverse effect on the trading prices of our securities. For example, prevailing interest rates have fluctuated in the past and are likely to S-10

fluctuate in the future, and we would expect an increase in prevailing interest rates to depress the trading prices of our securities. An increase in short- or long-term interest rates, including
as a result of a rise in actual or expected inflation, could cause the trading prices of our securities to fall significantly.

We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.

Mutual funds, exchange-traded funds and their directors and management are subject to extensive regulation as “investment companies” and
“investment advisers” under U.S. federal and state law; this regulation is intended for the