Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 26

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 26
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 or other securities or the effect, if any, that future sales and issuances of our class A common stock, STRK
Stock and other securities would have on the market price of our class A common stock and the STRK Stock.

In addition, the existence of the STRK Stock
may encourage short selling by market participants because the conversion of the STRK Stock could be used to satisfy short positions, or anticipated conversion of the STRK Stock into shares of class A common stock could depress the price of our
class A common stock. The sale or the availability for sale of a large number of shares of class A common stock in the public market could cause the market price of our class A common stock to decline.

Recent and future regulatory actions, changes in market conditions and other events may adversely affect the trading price and liquidity of the STRK Stock and the ability of investors to implement a convertible arbitrage trading strategy.

We expect that many investors in the STRK Stock,
including potential purchasers of the STRK Stock from investors in this offering, will seek to employ a convertible arbitrage strategy. Under this strategy, investors typically sell short a certain number of shares of our class A common stock and
adjust their short position over time while they continue to hold the STRK Stock. Investors may also implement this type of strategy by entering into swaps on our class A common stock in lieu of, or in addition to, short selling shares of our class
A common stock.

The SEC and other regulatory authorities have implemented various rules and taken certain actions, and may in the future adopt additional
rules and take other actions, that may impact those engaging in short selling activity

SA-15

involving equity securities (including our class A common stock). These rules and actions include Rule 201 of SEC Regulation SHO, the adoption by the Financial Industry Regulatory Authority,
Inc., and the national securities exchanges of a “limit up-limit down” program, the imposition of market-wide circuit breakers that halt trading of securities for certain periods following specific
market declines, and the implementation of certain regulatory reforms required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Any governmental or regulatory action that restricts investors’ ability to effect short
sales of our class A common stock or enter into equity swaps on our class A common stock could depress the trading price of, and the liquidity of the market for, the STRK Stock.

In addition, the liquidity of the market for our class A common stock and other market conditions could deteriorate