Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 111

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 111
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 may, at our option, set off such payments against, or an applicable withholding agent may withhold such taxes from, shares of common stock payable to such holder or current or subsequent payments of cash, or require alternative arrangements (e.g., deposit for taxes prior to delivery of conversion consideration). Deemed Distributions on the Offered Shares As described above under “U.S. Holders—Deemed Distributions on the Offered Shares,” if our board of directors does not declare a distribution on the Offered Shares in respect of any dividend period before the S-75

related dividend payment date or the Offered Shares were issued at a discount, the holder may be treated as receiving a deemed distribution. Furthermore, as described above under “U.S.
Holders—Adjustment of Conversion Rate,” adjustments in the conversion rate (or failures to adjust the conversion rate) of Perpetual Strike Preferred Stock that result in an increase in the proportionate interest of a non-U.S. holder in our assets or earnings and profits could result in deemed distributions to the non-U.S. holder that are taxed as described under
“—Distributions.” If we (or an applicable withholding agent) pay withholding on behalf of a non-U.S. holder (because such non-U.S. holder failed to
establish an exemption from dividend withholding), we (or an applicable withholding agent) may set off such payments against, or withhold such taxes from, shares of common stock payable to such holder or current or subsequent payments of cash, or
require alternative arrangements (e.g., deposit for taxes prior to delivery of conversion consideration).

Multiple Issuances of Perpetual Strike Preferred Stock—Effect of Fungible Trading

We will issue Offered Shares from time to time under this prospectus supplement, and may otherwise
issue shares of Perpetual Strike Preferred Stock (or resell any shares of Perpetual Strike Preferred Stock that we or any of our subsidiaries have purchased or otherwise acquired) from time to time (such issued or resold shares, the “Additional
Shares”). If your Offered Shares trade under the same CUSIP or other identifying number as that of other shares of Perpetual Strike Preferred Stock, those other shares may not be distinguishable from your shares by persons such as subsequent
purchasers and withholding agents. If we issue any shares of Perpetual Strike Preferred Stock—whether Offered Shares or Additional Shares that have a different, and potentially adverse, tax profile or treatment for U.S. federal income tax
purposes from your