Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 26

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 26
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 could significantly harm the market for the perpetual strike preferred 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 perpetual strike preferred stock.

We expect that the trading
price of our class A common stock will significantly affect the trading price of the perpetual strike preferred stock, which could result in greater volatility in the trading price of the perpetual strike preferred 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 More Information; Incorporation by Reference,” among others, many of which are beyond our control.

S-20

In addition, the condition of the financial markets and changes in prevailing interest rates can have an adverse effect on the trading price of the perpetual strike preferred stock. For example, prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, and we would expect an increase in prevailing interest rates to depress the trading price of the perpetual strike preferred stock. In particular, there have been recent concerns regarding expected increases in both short- and long-term interest rates, driven in part by a projected rise in inflation, and if those concerns prove to be valid, then the trading price of the perpetual strike preferred stock may fall significantly. The market price of our class A common stock has been and may continue to be volatile, which could result in substantial losses for investors in the class A common stock, including holders of any shares of class A common stock issued upon the conversion of the perpetual strike preferred stock. The market price of our class A common stock has historically been volatile, and this volatility has been significant in recent periods. Since August 11, 2020, the date on which we announced our initial purchase of bitcoin, the closing price of our class A common stock has increased from $12.36 as of August 10, 2020, the last trading day before our announcement, to $287.18 as of March 7, 2025, and has traded as high as $543.00 and as low as $13.26 during such period, and the daily trading volume was as high as 100,444,000 shares and as low as 385,000 shares during such period. All amounts in