Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 145

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 145
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 interest on, and any other payment due pursuant to any of the following, whether outstanding on the date of the subordinated indenture or incurred by that person in the future:

| • |     | all of the indebtedness of that person for money borrowed; |

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| • |     | all of the indebtedness of that person evidenced by notes, debentures, bonds or other securities sold by that 
 person for money;                                                                                             |

| • |     | all of the lease obligations that are capitalized on the books of that person in accordance with generally 
 accepted accounting principles;                                                                            |

| • |     | all indebtedness of others of the kinds described in the first two bullet points above and all lease obligations                                                                                                                                       
 of others of the kind described in the third bullet point above that the person, in any manner, assumes or guarantees or that the person in effect guarantees through an agreement to purchase, whether that agreement is contingent or otherwise; and |

| • |     | all renewals, extensions or refundings of indebtedness of the kinds described in the first, second or fourth                  
 bullet point above and all renewals or extensions of leases of the kinds described in the third or fourth bullet point above; |

unless, in the case of any particular indebtedness, renewal, extension or refunding, the instrument creating or evidencing it or the assumption or guarantee relating to it expressly provides that such indebtedness, renewal, extension or refunding is not superior in right of payment to the subordinated debt securities. Our senior debt securities constitute senior indebtedness for purposes of the subordinated indenture. -21-

DESCRIPTION OF CAPITAL STOCK

The following description of our capital stock is intended as a summary only and therefore is not a complete description of our capital stock.
This description is based upon, and is qualified by reference to, our second restated certificate of incorporation (“Certificate”), our amended and restated bylaws (“Bylaws”) and applicable provisions of Delaware corporate law.
You should read our Certificate and Bylaws, which are filed as exhibits to the registration statement of which this prospectus forms a part, for the provisions that are important to you.

Our authorized capital stock consists of 10,330,000,000 shares of class A common stock, par value $0.001 per share (“class A common
stock”), 165,000,000 shares of class B common stock, par value $0.001 per share (“class B common stock”), and 1,005,000,000 shares of preferred