Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 54

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 54
---
, executed any sale transaction to be settled by the issuance of STRD Stock, an amount equal to the last reported sale price per share of STRD Stock on the trading day immediately before such business day; and
(iii) the arithmetic average of the last reported sale prices per share of STRD Stock for each trading day of the ten (10) consecutive trading days immediately preceding such business day, provided, however, that, if applicable, the
reference in this clause (iii) to ten (10) will be replaced by such lesser number of trading days as have elapsed during the period from, and including, June 10, 2025 to, but excluding, such business day. Notwithstanding anything to
the contrary in the preceding sentence, at all times before the first date on which we execute any sale transaction to be settled by the issuance of STRD Stock (other than the STRD Stock initially issued on June 10, 2025), which may include
sales in this offering, the liquidation preference per share of STRD Stock will be $100. Whenever in this prospectus supplement we refer to the liquidation preference of the STRD Stock as of a particular date without setting forth a particular time
on such date, such reference will be deemed to be to the liquidation preference immediately after the close of business on such date. For purposes of this definition, references to our execution of any sale transaction to be settled by the issuance
of STRD Stock includes any resale of any shares of STRD Stock that we or any of our subsidiaries have purchased or otherwise acquired.

“Liquidation
senior stock” means any class or series of our stock whose terms expressly provide that such class or series will rank senior to the STRD Stock with respect to the distribution of assets upon our liquidation, dissolution or winding up.
Liquidation senior stock includes our STRK Stock and our STRF Stock. For the avoidance of doubt, liquidation senior stock will not include any securities of our subsidiaries.

“Market disruption event” means, with respect to the STRD Stock, on any date, the occurrence or existence, during the
one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the STRD Stock is listed for trading or
trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the STRD Stock or in any options contracts