Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 48

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 48
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 person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (y) such person or any one or more of the other subsidiaries of such person is a controlling general partner of, or otherwise controls, such partnership or limited liability company. A “tax event” will be deemed to occur if we have received an opinion of counsel experienced in such matters to the effect that, as a result of:

| • |     | any amendment to, clarification of, or change, including any announced prospective change, in the laws or                                  
 treaties of the United States or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties; |

SA-29

| • |     | an administrative action, which means any judicial decision or any official administrative pronouncement, ruling,                                                                            
 regulatory procedure, notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation; |

| • |     | any amendment to, clarification of, or change in the official position or the interpretation of any                                                                                                                                                     
 administrative action or judicial decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted position, in each case 
 by any legislative body, court, governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or                                                            |

| • |     | a threatened challenge asserted in writing in connection with a tax audit of us or any of our subsidiaries, or a                                                                                                                                         
 publicly known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the STRD Stock, which amendment, clarification or change is effective or 
 the administrative action is taken or judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted or becomes publicly known after June 5, 2025, there is more than an insubstantial risk that any of the            
 outstanding STRD Stock is treated as “fast-pay stock” within the meaning of Treasury Regulation Section 1.7701(l)-3(b)(2) (or becomes subject to                                                                                                         
 substantially similar successor provision).                                                                                                                                                                                                              |

“Trading day” means, with respect to the STRD Stock, any day on which (i) trading in the STRD Stock generally occurs on the principal U.S. national or regional securities exchange on which the STRD Stock is