Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 56

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 56
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’s equity interest in us, (ii) a “substantially disproportionate”
redemption of our stock with respect to such holder, or (iii) being “not essentially equivalent to a dividend” with respect to such holder, each within the meaning of Section 302 of the Code. In determining whether any of these
tests has been met, a U.S. holder must take into account not only the Offered Shares and other equity interests in us actually owned by the holder but also other equity interests in us that the holder constructively owns under U.S. federal income
tax rules, as well as any rights the holder may have to vote for the election of board members. A U.S. holder that owns (actually or constructively) only an insubstantial percentage of our total equity interests and that exercises no control or
management over our affairs may be entitled to sale or exchange treatment on a redemption of the Offered Shares if such holder experiences any reduction in its equity interest (taking into account any constructively owned equity interests) as a
result of the redemption.

If a U.S. holder meets none of the alternative tests described above, the redemption will be treated as a distribution subject
to the rules described under “U.S. Holders—Distributions.” If a redemption of the Offered Shares is treated as a distribution that is taxable as a dividend, the redeeming U.S. holder is urged to consult its tax advisor regarding
the allocation of tax basis in the redeemed and remaining shares of STRD Stock.

Because the determination as to whether any of the alternative tests
described above is satisfied with respect to any particular U.S. holder will depend upon the facts and circumstances as of the time the determination is made, U.S. holders are urged to consult their tax advisors regarding the tax treatment of a
redemption.

Non-U.S.Holders

Distributions

Generally, subject to the
discussions below under “Information Reporting and Backup Withholding” and “FATCA,” distributions treated as dividends, as described above under “U.S. Holders—Distributions,” paid to a

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non-U.S.holder with respect to the Offered Shares that are not effectively connected with the holder’s conduct of a trade or business within the United States will be subject to a 30% U.S. withholding tax, or such lower rate as may be specified by an applicable income tax treaty provided the non-U.S.holder furnishes to the withholding agent a properly executed IRS Form W-8