Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 36

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 36
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 to Repurchase Perpetual Strike Preferred Stock.” These fundamental change provisions could increase the cost of acquiring us or otherwise
discourage a third party from acquiring us or removing incumbent management, including in a transaction that preferred stockholders or holders of our class A common stock may view as favorable.

Your investment in the perpetual strike preferred stock may be harmed if we redeem the perpetual strike preferred stock.

We have the right to redeem the perpetual strike preferred stock in certain circumstances. See “Description of Perpetual Strike Preferred
Stock—Redemption at Our Option.” If we redeem your perpetual strike preferred stock, then you may not be entitled to benefit from potential future appreciation in the trading price of our class A common stock, and you may be unable to
reinvest any proceeds from the redemption in comparable investments at favorable dividend or interest rates.

S-26

We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.

Mutual funds, exchange-traded funds
and their directors and management are subject to extensive regulation as “investment companies” and “investment advisers” under U.S. federal and state law; this regulation is intended for the benefit and protection of investors.
We are not subject to, and do not otherwise comply with, these laws and regulations. This means, among other things, that the execution of or changes to our Treasury Reserve Policy or our bitcoin acquisition strategy, our use of leverage, the manner
in which our bitcoin is custodied, our ability to engage in transactions with affiliated parties and our operating and investment activities generally are not subject to the extensive legal and regulatory requirements and prohibitions that apply to
investment companies and investment advisers. For example, although a significant change to our Treasury Reserve Policy would require the approval of our board of directors, no stockholder or regulatory approval would be necessary. Consequently, our
board of directors has broad discretion over the investment, leverage and cash management policies it authorizes, whether in respect of our bitcoin holdings or other activities we may pursue, and has the power to change our current policies,
including our strategy of acquiring and holding bitcoin. See “Use of Proceeds.”

We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

We intend to use the net proceeds from this offering for general corporate
purposes, including the acquisition of bitcoin and for working capital. As a result, our management will have broad discretion in the application of the net proceeds from this