Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 106

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 106
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 on behalf of a non-U.S.
holder (because such non-U.S. holder failed to establish an exemption from dividend withholding), we (or an applicable withholding agent) may set off such payments against, or withhold such taxes from, shares
of common stock payable to such holder or current or subsequent payments of cash, or require alternative arrangements (e.g., deposit for taxes prior to delivery of conversion consideration).

Multiple Issuances of STRK Stock—Effect of Fungible Trading

We will issue Offered Shares from time to time under this STRK Stock Annex, and may otherwise issue shares of STRK Stock (or resell any shares of STRK Stock
that we or any of our subsidiaries have purchased or otherwise acquired) from time to time (such issued or resold shares, the “Additional Shares”). If your Offered Shares trade under the same CUSIP or other identifying number as that of
other shares of STRK Stock, those other shares may not be distinguishable from your shares by persons such as subsequent purchasers and withholding agents. If we issue any shares of STRK Stock—whether Offered Shares or Additional Shares that
have a different, and potentially adverse, tax profile or treatment for U.S. federal income tax purposes from your Offered Shares, such profile or treatment could adversely impact your Offered Shares because of the inability to distinguish between
your Offered Shares and the shares of STRK Stock subject to such adverse treatment. For example, adverse tax treatment of any shares of STRK Stock could negatively impact the trading price of all shares of STRK Stock in light of fungible trading of
all such shares. In addition, the IRS could treat your Offered Shares as subject to the adverse tax consequences applicable to other shares of STRK Stock unless you are able to demonstrate that you acquired your Offered Shares in a specific offering
and did not hold such other shares of the STRK Stock that are subject to adverse consequences. Preferred stockholders are urged to consult their tax advisors regarding these tax considerations.

Please also review the discussion below under “Fast-Pay Stock Regulations” for a discussion about the
potential application of those rules to the STRK Stock (including the Offered Shares).

Extraordinary Dividends

If any shares of STRK Stock are issued at a price that exceeds their liquidation preference, such shares of STRK Stock would constitute “disqualified
preferred stock” for purposes of the extraordinary dividend rules. Upon ratification of the STRK Amendment, the liquidation preference of the STRK