Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 35

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 35
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 our class A common stock (including the voting rights of, and rights to receive any dividends or
other distributions on, our class A common stock). However, holders of the STRK Stock are subject to all changes affecting our class A common stock to the extent the trading price of the STRK Stock depends on the market price of our class A common
stock and to the extent they receive shares of our class A common stock upon conversion of the STRK Stock. For example, if we propose an amendment to our charter documents that requires the approval of our class A common stockholders but not the
approval of the preferred stockholders, then holders of any STRK Stock will not, as such, be entitled to vote on the amendment, although those holders will be subject to any changes implemented by that amendment in the powers, preferences or special
rights of our class A common stock.

SA-20

USE OF PROCEEDS

From time to time, we may issue and sell shares of our STRK Stock having aggregate sales proceeds of up to $20,340,632,356.64. Because there is no minimum
offering amount required as a condition to effect this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time.

We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital, and may
also use the net proceeds for the payment of cash dividends declared or expected to be declared by the board of directors from time to time on shares of any dividend senior stock then outstanding.

Bitcoin is a highly volatile asset that has traded below $70,000 per bitcoin and above $120,000 per bitcoin in our principal market in the 12 months
preceding the date of this STRK Stock Annex. Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales. Future fluctuations in bitcoin trading prices may result in our converting
bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering, and there can be no assurance as to whether or when we will realize any cash proceeds from our contemplated
acquisition of bitcoin.

We have not determined the amount of net proceeds to be used specifically for any of these purposes. As a result, our management
will have broad discretion in the application of the net proceeds from this offering and you will not have the opportunity as part of your investment decision to assess whether