Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 21

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 21
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D Stock will depend on many factors, including, among other things,
prevailing interest rates, our dividend yield, financial condition, results of operations, business, prospects and credit quality relative to our competitors, the market for similar securities and the overall securities market. Many of these factors
are beyond our control.

Market volatility could significantly harm the market for the STRD Stock, regardless of our financial condition, results of
operations, business, prospects or credit quality.

The condition of the financial markets, prevailing interest rates and other factors could significantly affect the trading price of the STRD Stock.

The condition of the financial markets and changes in prevailing interest rates can have
an adverse effect on the trading price of the STRD Stock. For example, prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, and we would expect an increase in prevailing interest rates to depress the
trading price of the STRD Stock. 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 price of the STRD Stock to fall significantly.

Future sales, or the perception of future sales, of our debt instruments, STRD Stock, or other classes or series of liquidation senior stock, liquidation parity stock, dividend senior stock or dividend parity stock could depress the trading price of the STRD Stock.

We may issue and sell
additional notes, shares of STRD Stock, shares of STRK Stock or shares of STRF Stock, or other classes or series of liquidation senior stock, liquidation parity stock, dividend senior stock or dividend

S-16

parity stock in subsequent offerings to raise capital, or may issue such securities for other purposes, including in connection with the acquisition of additional bitcoin. For example, between January 1, 2024 and June 30, 2025, we issued and sold:

| • |     | $800.0 million aggregate principal amount of 0.625% Convertible Senior Notes due 2030 (“2030A 
 Convertible Notes”);                                                                          |

| • |     | $2.000 billion aggregate principal amount of 0% 2030 Convertible Senior Notes due 2030 (“2030B 
 Convertible Notes”);                                                                           |

| • |     | $603.8 million aggregate principal amount of 0.875% Convertible Senior Notes due 2031 (“2031 
 Convertible Notes”);                                                                         |

| • |     | $800