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

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 25
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 of four or more consecutive regular dividend payment dates; and (ii) if less than the full amount of accumulated and unpaid regular dividends on the outstanding perpetual
strike preferred stock have been declared and paid in respect of eight or more consecutive regular dividend payment dates. See “Description of Perpetual Strike Preferred Stock—Voting Rights—Right to Designate up to Two Preferred Stock
Directors Upon Regular Dividend Non-Payment Events.” Accordingly, the voting provisions of the perpetual strike preferred stock may not afford you with meaningful protections for your investment.

We may issue preferred stock in the future that ranks equally with or senior to the perpetual strike preferred stock with respect to dividends and liquidation rights, which may adversely affect the rights of preferred stockholders.

Without the consent of any holder of perpetual
strike preferred stock, we may authorize and issue preferred stock (including additional perpetual strike preferred stock) that ranks equally with or senior to the perpetual strike preferred stock with respect to the payment of dividends or the
distribution of assets upon our liquidation, dissolution or winding up. If we issue any such preferred stock in the future, the rights of holders of the perpetual strike preferred stock will be diluted and the trading price of the perpetual strike
preferred stock may decline. For example, if we issue any dividend senior stock in the future, such dividend senior stock could contain provisions that prohibit us from paying accumulated dividends on the perpetual strike preferred stock or
purchasing, redeeming or acquiring the perpetual strike preferred stock until and unless we first pay accumulated dividends in full on such dividend senior stock.

A liquid trading market for the perpetual strike preferred stock may not be maintained.

Although we have listed the perpetual strike preferred stock on The Nasdaq Global Select Market, a liquid trading market for the perpetual strike preferred
stock may not continue to develop or be maintained, and the listing may be subsequently withdrawn. Accordingly, you may not be able to sell your perpetual strike preferred stock at the times you wish to or at favorable prices, if at all. The
liquidity of the trading market, if any, and future trading prices of the perpetual strike preferred stock will depend on many factors, including, among other things, the trading price and volatility of our class A common stock, prevailing interest
rates, our dividend yield, financial condition, results of operations, business, prospects and credit quality relative to our competitors, the market for similar securities and the overall securities market. Many of these factors are beyond our
control. Historically, the market for convertible securities has been volatile. Market volatility