Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 34

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 34
---
 applicable holders of
the perpetual strike preferred 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 perpetual strike preferred 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 perpetual strike preferred 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 perpetual strike preferred stock because the shares may be indistinguishable from each other. See “—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” below.

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

If we issue shares of perpetual strike preferred 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 shares of perpetual strike preferred stock, since all such shares would trade under the same CUSIP or
other identifying

S-25

number, your shares of perpetual strike preferred stock may be treated by subsequent purchasers, withholding agents and potentially the IRS as having the same adverse tax profile or treatment if
they are not otherwise distinguishable from the perpetual strike preferred stock subject to such adverse treatment.

For example, notwithstanding our
intent not to issue any shares of perpetual strike preferred stock that are fast-pay stock, the IRS could assert that certain shares of perpetual strike preferred stock constitute fast-pay stock, particularly if they are issued at a premium to their liquidation preference in their offering. See “—The tax rules applicable to “fast-pay
stock” could result in adverse consequences to holders of perpetual