Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 31

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 31
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 be used specifically for any of these purposes. As a result, our management will have broad discretion in the application of the net proceeds from this offering and you will not have the opportunity as part of your
investment decision to assess whether the net proceeds are being used in a manner of which you approve.

S-23

DESCRIPTION OF PERPETUAL STRIDE PREFERRED STOCK

The following is a summary of certain provisions of our 10.00% Series A Perpetual Stride Preferred Stock (the “STRD Stock”). It is only a summary
and is not complete. The terms of our STRD Stock are set forth in a certificate of designations (the “certificate of designations”) and our second restated certificate of incorporation (as amended and supplemented to date, the
“certificate of incorporation”). We qualify this summary by referring you to the certificate of designations and our certificate of incorporation, because they, and not this summary, define your rights as a holder of the STRD Stock. We
will provide you, upon written request, with a copy of the certificate of designations, which includes the form of the certificates that will represent the STRD Stock, and our certificate of incorporation, as provided under the caption “Where
You Can Find Additional Information; Incorporation by Reference.”

Certain terms used in this summary are defined below under the caption
“—Definitions.” Certain other terms used in this summary are defined in the certificate of designations.

References to “we,”
“us” and “our” in this section refer to MicroStrategy Incorporated d/b/a Strategy only and not to any of its subsidiaries.

This
“Description of STRD Stock” section supplements and, to the extent inconsistent therewith, supersedes the information in the accompanying prospectus under the caption “Description of Capital Stock.”

General

Our certificate of incorporation authorizes us
to issue up to 1,005,000,000 shares of preferred stock, $0.001 par value per share, in one or more series, and authorizes our board of directors to designate the preferences, rights and other terms of each series. As of June 30, 2025,
11,764,700 shares of STRD Stock, 10,066,750 shares of STRF Stock and 12,201,367 shares of STRK Stock were outstanding.

The up to $4,200,000,000 of shares
of STRD Stock that we may offer and sell under this prospectus supplement and the accompanying prospectus