Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 22

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 22
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 Stock, we may authorize and issue preferred stock (including additional STRK Stock) that ranks equally with or senior to the STRK 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 STRK Stock will be diluted and the trading price of the STRK Stock may decline. For example, the STRF Stock and STRC Stock contain, and if we issue any
additional dividend senior stock in the future such dividend senior stock could contain, provisions that prohibit us from paying accumulated dividends on the STRK Stock or purchasing, redeeming or acquiring the STRK Stock until and unless we first
pay accumulated dividends in full on such dividend senior stock.

A liquid trading market for the STRK Stock may not be maintained.

Although we have listed the STRK Stock on The Nasdaq Global Select Market, a liquid trading market for the STRK 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maintained, and the listing may be subsequently withdrawn.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 STRK 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 STRK 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 could significantly harm the market for the STRK Stock, regardless of our financial condition, results of operations, business, prospects or credit quality.

The trading price of our class A common stock, the condition of the financial markets, prevailing interest rates and other factors could significantly affect the trading price of the STRK Stock.

We expect that the trading price of our class A common stock will significantly affect the trading
price of the STRK Stock, which could result in greater volatility in the trading price of the STRK Stock than would be expected for non-convertible securities. The trading price of our class A common stock
will likely continue to fluctuate in response to the factors described or referred to elsewhere in this section and under the captions “Where You Can Find Additional Information; Incorporation by Reference