Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 1

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 1
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 deemed to be “underwriters” within the meaning of the Securities Act and the compensation of the Agents may be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and
contribution to the Agents with respect to certain liabilities, including civil liabilities under the Securities Act or Securities Exchange Act of 1934, as amended (the “Exchange Act”).

STRC STOCK

The up to $4,200,000,000 of shares of STRC
Stock that we may offer and sell under this prospectus supplement and the accompanying prospectus constitutes a further issuance of shares of STRC Stock in addition to the 28,011,111 shares of STRC Stock outstanding as of the date of this prospectus
supplement. Other than the issue date, and in the case of STRC Stock issued after August 15, 2025, the first regular dividend record date, STRC Stock that we may offer and sell under this prospectus supplement and the accompanying prospectus
will have terms identical to, will have the same CUSIP number as, and will vote together with, the STRC Stock outstanding as of the date of this prospectus supplement immediately upon issuance.

The STRC Stock has an initial liquidation preference of $100 per share. The liquidation preference is subject to adjustment in the manner described in this
prospectus supplement. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share.

The STRC Stock accumulates cumulative dividends, which we refer to as “regular dividends,” at a
variable rate that is described more fully below and elsewhere in this prospectus supplement. Regular dividends, if any, on the STRC Stock will accumulate on the stated amount thereof, which is $100 per share of STRC Stock, and will be payable when,
as and if declared by our “board of directors” (as defined in this prospectus supplement), out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month, beginning on August 31,
2025.

The regular dividend rate has been initially set at 9.00% per annum with respect to the regular dividend period beginning on July 29, 2025.
However, we have the right, in our sole and absolute discretion, to adjust the regular dividend rate applicable to subsequent regular dividend periods in the manner described in this prospectus supplement. Our right to adjust the regular dividend
rate is subject to certain restrictions.