Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 15
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 shares of class A common stock issuable upon conversion of the 13,918,518 shares of STRK Stock                                            
 outstanding as of October 31, 2025 and the shares of class A common stock issuable upon conversion of the STRK Stock to be issued in this offering; |

| • |     | 3,726,959 shares of class A common stock issuable upon exercise of stock options outstanding as of October 31, 
 2025 at a weighted average exercise price of $42.36 per share;                                                 |

| • |     | 806,624 shares of class A common stock issuable upon the vesting of restricted stock units outstanding as of 
 October 31, 2025;                                                                                            |

| • |     | 558,528 shares of class A common stock issuable upon the vesting of performance stock units outstanding as of 
 October 31, 2025;                                                                                             |

| • |     | 2,914,040 and 463,596 additional shares of class A common stock available as of October 31, 2025 for future     
 issuance under our 2023 Equity Incentive Plan, as amended, and 2021 Employee Stock Purchase Plan, respectively; |

| • |     | 19,640,250 shares of class A common stock issuable upon conversion of shares of class B common stock issued and 
 outstanding as of October 31, 2025;                                                                             |

| • |     | 5,513,489 shares of class A common stock potentially issuable as of October 31, 2025 upon conversion of our 
 0.625% Convertible Senior Notes due 2028, subject to adjustment in accordance with the terms of such notes; |

SA-8

| • |     | 4,461,600 shares of class A common stock potentially issuable as of October 31, 2025 upon conversion of our 0% 
 Convertible Senior Notes due 2029, subject to adjustment in accordance with the terms of such notes;           |

| • |     | 5,341,600 shares of class A common stock potentially issuable as of October 31, 2025 upon conversion of our 
 0.625% Convertible Senior Notes due 2030, subject to adjustment in accordance with the terms of such notes; |

| • |     | 4,614,400 shares of class A common stock potentially issuable as of October 31, 2025 upon