Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 8

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 8
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 may incur significant legal and financial liabilities, and our business could be materially adversely affected; |

| • |     | Our having entered into an indemnification agreement with Michael J. Saylor, our Chairman of the Board of                                                                                                                                   
 Directors and Executive Chairman, that supplements our conventional director and officer liability insurance provided by third-party insurance carriers could negatively affect our business and the market price of our listed securities; |

Risks Related to Our Listed Securities Generally

| • |     | The market price of our class A common stock has been and may continue to be volatile; |

| • |     | Because of the rights of our two classes of common stock and because Michael J. Saylor, who beneficially owns the                                                                                                                           
 majority of our class B common stock, controls a significant portion of our total voting power, Mr. Saylor has significant influence over matters that require approval of our stockholders and as a result could impede a third party from 
 acquiring us, or limit the ability of our other stockholders to influence corporate matters;                                                                                                                                                |

| • |     | Future sales of securities by us could depress the price of our listed securities; |

Risks Relating to Our Perpetual Strike Preferred Stock

| • |     | Our perpetual strike preferred stock is senior to our class A common stock, junior to our existing and future                                                                        
 indebtedness, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other class or series of preferred stock then outstanding; |

| • |     | We may not have sufficient funds to pay dividends in cash on our perpetual strike preferred stock, or we may                                                       
 choose not to pay dividends on our perpetual strike preferred stock and regulatory and contractual restrictions may prevent us from declaring or paying dividends; |

| • |     | We may issue preferred stock in the future that ranks equally with or senior to our perpetual strike preferred                                    
 stock with respect to dividends and liquidation rights, which may adversely affect the rights of holders of our perpetual strike preferred stock; |

| • |     | The tax rules applicable to “fast-pay stock” could result in         
 adverse consequences to holders of perpetual strike preferred stock; |

| • |     | An issuance of perpetual strike preferred stock could have an adverse tax profile, which could subject holders of 
 any other shares of perpetual strike preferred stock to adverse consequences;                                     |

Risks Related to Our Outstanding and Potential Future Indebtedness

| • |     | Our level and terms of indebtedness could adversely affect our ability to