Form SCHEDULE 13G Strategy Inc Filed by: JANE STREET GROUP, LLC

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Strategy Inc

(Name of Issuer)

Class A common stock, $0.001 par value per share

(Title of Class of Securities)

594972408

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

594972408

Names of Reporting Persons

JANE STREET GROUP, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,778,408.50
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,778,408.50

Aggregate Amount Beneficially Owned by Each Reporting Person

16,778,408.50

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Percent of class represented by amount in row (9)

6.3 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: The reported holding includes 2245.50 shares currently acquirable through convertible bonds held by Jane Street Capital, LLC. The outstanding shares includes (1) 267,468,426 shares as of September 30, 2025 as indicated in the 8K published on October 6, 2025; and (2) 2245.50 shares acquirable by Jane Street Capital, LLC through conversion of convertible bonds held, for a total of 267,470,671 shares outstanding.

SCHEDULE 13G

CUSIP No.

594972408

Names of Reporting Persons

Jane Street Capital, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 163,481.50
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 163,481.50

Aggregate Amount Beneficially Owned by Each Reporting Person

163,481.50

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Percent of class represented by amount in row (9)

0.1 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

594972408

Names of Reporting Persons

Jane Street Options, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 16,610,200.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 16,610,200.00

Aggregate Amount Beneficially Owned by Each Reporting Person

16,610,200.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Percent of class represented by amount in row (9)

6.2 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: The outstanding shares includes (1) 267,468,426 shares as of September 30, 2025 as indicated in the 8K published on October 6, 2025; and (2) 2245.50 shares acquirable by Jane Street Capital, LLC through conversion of convertible bonds held, for a total of 267,470,671 shares outstanding.

SCHEDULE 13G

CUSIP No.

594972408

Names of Reporting Persons

Jane Street Global Trading, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,383.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,383.00

Aggregate Amount Beneficially Owned by Each Reporting Person

4,383.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Percent of class represented by amount in row (9)

0.0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

594972408

Names of Reporting Persons

Jane Street Singapore Pte. Ltd

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

Sec Use Only

Citizenship or Place of Organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 344.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 344.00

Aggregate Amount Beneficially Owned by Each Reporting Person

344.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Percent of class represented by amount in row (9)

0.0 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Strategy Inc

(b)

Address of issuer's principal executive offices:

1850 TOWERS CRESCENT PLAZA, TYSONS CORNER, VIRGINIA, 22182.

Item 2.

(a)

Name of person filing:

Jane Street Group, LLC; Jane Street Capital, LLC; Jane Street Options, LLC; Jane Street Global Trading, LLC; Jane Street Singapore Pte. Ltd

(b)

Address or principal business office or, if none, residence:

Jane Street Group, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Capital, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Options, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Global Trading, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Singapore Pte. Ltd 4/F, Ocean Financial Centre 10 Collyer Quay Singapore 049315

(c)

Citizenship:

See Item 4 of Cover Page

(d)

Title of class of securities:

Class A common stock, $0.001 par value per share

(e)

CUSIP No.:

594972408

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

16778408.50

(b)

Percent of class:

6.3 %

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

(ii) Shared power to vote or to direct the vote:

16778408.50

(iii) Sole power to dispose or to direct the disposition of:

(iv) Shared power to dispose or to direct the disposition of:

16778408.50

Item 5.

Ownership of 5 Percent or Less of a Class.

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.

Subsidiary Jane Street Capital, LLC - (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); Jane Street Options, LLC - (a) Broker or dealer registered under section 15 of the Act (15 U.S.C.78o); Jane Street Global Trading, LLC - N/A; Jane Street Singapore Pte. Ltd - N/A

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JANE STREET GROUP, LLC

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	11/13/2025

Jane Street Capital, LLC

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	11/13/2025

Jane Street Options, LLC

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	11/13/2025

Jane Street Global Trading, LLC

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	11/13/2025

Jane Street Singapore Pte. Ltd

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	11/13/2025

Form SCHEDULE 13G Strategy Inc Filed by: JANE STREET GROUP, LLC

You May Also Be Interested In

Create E-mail Alert Related Categories

Related Entities

Sign up for StreetInsider Free!

Free News Feed