Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 13

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 13
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 and This Offering—We may not have 
 sufficient funds to pay dividends in cash on the perpetual strife preferred stock, or we may choose not to pay dividends on the perpetual strife preferred stock. In addition, regulatory and contractual restrictions may prevent us from declaring or                                                                                                              
 paying dividends.”                                                                                                                                                                                                                                                                                                                                                   |

| No Preemptive and Conversion Rights | The perpetual strife preferred stock is not convertible into or exchangeable for any other securities or property and is not entitled to any preemptive or similar rights. |

| Optional Redemption | We have the right, at our election, to redeem all, and not less than all, of the perpetual strife preferred stock, at any time, for cash if the total                                                                                                   
 number of shares of all perpetual strife preferred stock then outstanding is less than 25% of the total number of shares of perpetual strife preferred stock that have been issued in all offerings we have made of perpetual strife preferred stock as 
 of such date,                                                                                                                                                                                                                                           |

S-11

| taken together. We refer to a redemption pursuant to this provision as an “optional redemption.” The redemption price for any perpetual strife preferred stock to be redeemed pursuant to                                                                
 an optional redemption will be a cash amount equal to the liquidation preference of the perpetual strife preferred stock as of the business day before the date we send the related redemption notice, plus accumulated and unpaid regular dividends to, 
 but excluding, the redemption date.                                                                                                                                                                                                                      |

| See “Description of Perpetual Strife Preferred Stock—Redemption at Our Option—Optional Redemption.” |

| Redemption Upon Tax Event | In addition to the redemption right described above, we have the right, at our election, to redeem all, and not less than all, of the perpetual strife preferred stock, at any time, for cash if a “tax event” (as defined in this              
 prospectus supplement) occurs. We refer to a redemption pursuant to this provision as a “tax redemption.” The redemption price for any perpetual strife preferred stock to be redeemed pursuant to a tax redemption will be a cash amount equal 
 to the liquidation preference of the perpetual strife preferred stock as of the business day before the date we send the related redemption notice, plus accumulated and unpaid regular dividends to, but excluding, the redemption date.       |

| See “Description of Perpetual Strife Preferred Stock—Redemption at Our Option—Tax Redemption.” |

| Repurchase at the Option of the Preferred Stockholders After a Fundamental Change | If a “fundamental change” (as defined in this