Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 35

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 35
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 and class B common stock) with respect to the payment of dividends; and (ii) “liquidation junior stock” (as defined below under the caption 
 “—Definitions,” and which includes our class A common stock and class B common stock) with respect to the distribution of assets upon our liquidation, dissolution or winding up;                       |

| • |     | equally with (i) dividend parity stock with respect to the payment of dividends; and (ii) liquidation    
 parity stock with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to (i) dividend senior stock and liquidation senior stock (each of which includes our STRK Stock and                                   
 our STRF Stock); and (ii) junior to our existing and future indebtedness (including all of our issued and outstanding Convertible Notes); and |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

The terms of the STRD Stock will not restrict us from issuing dividend senior stock, dividend parity stock, liquidation senior stock or liquidation parity stock. As of June 30, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness outstanding. Additionally, as of June 30, 2025, there were 12,201,367 shares of STRK Stock outstanding, 10,066,750 shares of STRF Stock outstanding, and no dividend parity stock or liquidation parity stock outstanding. Our indebtedness, STRF Stock outstanding and STRK Stock outstanding rank senior to the STRD Stock outstanding. Regular Dividends Generally Holders of the STRD Stock will be entitled to receive non-cumulativedividends (which we refer to as “regular dividends”) at a rate per annum equal to 10.00% (such rate per annum, the “regular dividend rate”) on the “stated amount” (as defined below under the caption “—Definitions”) thereof, out of funds legally available for their payment, and subject to the other provisions described below, only when, as, and if declared by our “board of directors” (as defined below under the caption “—Definitions”). If declared, regular dividends will be payable S-26

quarterly in arrears on each “regular dividend payment date” (