Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 118

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 118
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 include the number
of shares sold on that day, the aggregate gross proceeds of such sales and the proceeds to us.

In connection with the sale of the shares of perpetual
strike preferred stock on our behalf, each Selling Agent may be deemed to be an “underwriter” within the meaning of the Securities Act, and the compensation of such Agent may be deemed to be underwriting commissions or discounts. In
addition, we have agreed to indemnify the Agents against certain civil liabilities, including liabilities under the Securities Act. We have also agreed to contribute to payments the Agents may be required to make in respect of such liabilities.

The offering of our shares of perpetual strike preferred stock pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all
shares of perpetual strike preferred stock subject to the Sales Agreement and (ii) the termination of the Sales Agreement as permitted therein. We and the Agents may each terminate the Sales Agreement at any time upon three trading days’
prior notice.

S-79

This summary of the material provisions of the Sales Agreement does not purport to be a complete statement
of its terms and conditions. A copy of the Sales Agreement will be filed with the SEC as an exhibit to a Current Report on Form 8-K filed under the Exchange Act and will be incorporated by reference into the
registration statement of which this prospectus supplement forms a part.

Each of the Agents and their respective affiliates have previously provided, and
may in the future provide, various investment banking, commercial banking, financial advisory and other financial services for us and our affiliates, for which services they have received and may in the future receive customary fees. In the course
of their respective businesses, the Agents or their affiliates may actively trade our securities for their own accounts or for the accounts of their customers, and, accordingly, the Agents or their affiliates may at any time hold long or short
positions in such securities.

This prospectus supplement in electronic format may be made available on websites maintained by the Agents, and the Agents
may distribute this prospectus supplement electronically.

S-80

LEGAL MATTERS

Certain legal matters with respect to the offering of perpetual strike preferred stock will be passed upon for us by Latham & Watkins LLP. Certain
legal matters with respect to the offering of perpetual strike preferred stock will be passed upon for the Agents by Davis Polk & Wardwell LLP.

EXPERTS

The consolidated financial statements of MicroStrategy Incorporated as of December 31, 2024 and 2023, and for