Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 31

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 31
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 be required to report their participation in the transaction on IRS Form 8886 on an annual basis with their U.S. federal income
tax returns and would also be required to mail a copy of that form to the IRS Office of Tax Shelter Analysis. Failure to comply with those disclosure requirements could result in the assessment by the IRS of interest, additions to tax and onerous
penalties. In addition, an accuracy-related penalty applies under the Code to any reportable transaction understatement attributable to a listed transaction if a significant purpose of the transaction is the avoidance or evasion of U.S. federal
income tax. Furthermore, certain material advisors would also be required to file a disclosure statement with the IRS. If we determine that we are required to file an IRS Form 8886 (including a protective filing) in connection with the potential
issuance of fast-pay stock with respect to any STRK Stock, we intend to provide public notice to the applicable holders of the STRK Stock, which notice may be by a press release, by publication on our investor
relations website, or by filing a current report on Form 8-K with the Securities and Exchange Commission.

Notwithstanding our intent not to issue STRK Stock that would be fast-pay stock, the rules regarding the definition of
fast-pay stock are unclear in certain respects and, therefore, the IRS could disagree with our determination and treat Offered Shares or Additional Shares as fast-pay
stock. In addition, even if a particular issuance of Offered Shares or Additional Shares is not fast-pay stock, the treatment of any other shares of STRK Stock—including other Offered Shares or any
Additional Shares—as fast-pay stock (for example, as a result of a determination by the IRS or because they are issued at a premium to their liquidation preference) could result in adverse consequences
to holders of all shares of STRK Stock because the shares may be indistinguishable from each other. See “—An issuance of STRK Stock could have an adverse tax profile, which could subject holders of any other shares of STRK Stock to
adverse consequences” below.

Accordingly, holders of STRK Stock are strongly urged to consult their tax advisors regarding the Fast-Pay Stock Regulations and their potential consequences to an investment in the STRK Stock.

An issuance of STRK Stock could have an adverse tax profile, which could subject holders of any other shares of STRK Stock to adverse consequences.

If we issue
shares of STRK Stock—whether Offered Shares or Additional Shares—that have a