Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 15
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 number of our directors was increased by one or two, as applicable, in connection with such election, then the authorized  
 number of our directors will automatically decrease by one or two, as applicable).                                                                                                                                                                        |

| Subject to the exceptions and limitations described in this prospectus supplement, the affirmative vote or consent of preferred stockholders, and holders of each class or series of voting parity stock, if any, with                                   
 similar voting or consent rights with respect to such event, representing at least a majority of the combined outstanding voting power of the perpetual strife preferred stock and such voting parity stock will be required for certain transactions or 
 events, including (i) certain amendments to our certificate of incorporation or the certificate of designations establishing the terms of the perpetual strife preferred stock; (ii) certain consolidations, combinations and mergers involving          
 us; (iii) certain binding or statutory share exchanges or reclassifications involving the perpetual strife preferred stock; and (iv) the creation and issuance, or increase in the authorized or issued number, of any dividend senior stock or          
 liquidation senior stock.                                                                                                                                                                                                                                |

| See “Description of Perpetual Strife Preferred Stock—Voting Rights.” |

| Ranking | The perpetual strife preferred stock ranks as follows: |

| • |     | senior to any other class or series of equity security, including our class A common stock, class B common stock 
 and perpetual strike preferred stock, with respect to the payment of dividends                                   |

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| and with respect to the distribution of assets upon our liquidation, dissolution or winding up other than any equity security referred to in the second bullet point below; |

| • |     | equally with (i) “dividend parity stock” (as defined in this prospectus supplement) with respect to the                                                                                          
 payment of dividends; and (ii) “liquidation parity stock” (as defined in this prospectus supplement) with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to our existing and future indebtedness (including all of our issued and outstanding “Convertible 
 Notes” (as defined in this prospectus supplement)); and                                                  |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

| Our class A common stock, class B common stock, and perpetual strike preferred stock constitute “dividend junior stock”