Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 21

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 21
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 the STRK Stock significantly. None of these, or certain other, events will, in themselves, require an adjustment to the conversion rate to compensate preferred stockholders for their lost option value. Many convertible instruments contain “make-whole” provisions that adjust the conversion rate in a manner that is designed to compensate investors for lost option value upon the occurrence of specified events. The STRK Stock does not contain such a provision. Accordingly, we may engage in transactions that significantly reduce the option value of the conversion right of the STRK Stock without a corresponding adjustment to the conversion rate. The STRK Stock has only limited voting rights. The STRK Stock confers no voting rights except with respect to certain dividend arrearages, certain amendments to the terms of the STRK Stock, and certain other limited circumstances described in this STRK Stock Annex and except as required by the Delaware General Corporation Law. Holding STRK Stock does not confer the right to vote on an as-convertedbasis with holders of our class A common stock on matters on which our class A common stockholders are entitled to vote. For example, holders of STRK Stock, as such, do not have the right to SA-12

vote in the general election of our directors, although those holders will have a limited right, voting together with holders of any voting parity stock, if any, with similar voting rights
regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, to elect one director upon the occurrence of each of the following events: (i) if less than the full amount of accumulated
and unpaid regular dividends on the outstanding STRK Stock have been declared and paid in respect of each 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 STRK Stock have been declared and paid in respect of eight or more consecutive regular dividend payment dates. See “Description of STRK Stock—Voting Rights—Right to Designate up to Two Preferred Stock
Directors Upon Regular Dividend Non-Payment Events.” Accordingly, the voting provisions of the STRK Stock may not afford you with meaningful protections for your investment.

Without the consent of any holder of our STRK Stock, we may issue preferred stock in the future that ranks equally with or senior to the STRK Stock with respect to dividends and liquidation rights, which may adversely affect the rights of holders of STRK Stock.

Without the consent of any holder of
STRK