Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 32

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 32
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 provisions described in this “—Limitation on Certain Payments” section will not prohibit or restrict the payment or other acquisition for value of any debt securities that are convertible into, or exchangeable for, any capital stock. Our STRK Stock and our STRF Stock contain, and any dividend senior stock that we may issue in the future could contain, provisions similar to the one described in this “—Limitation on Certain Payments” section. In the SA-19

case of our STRK Stock and our STRF Stock, we are prohibited, and, in the case of any dividend senior stock that we may issue in the future, we may be prohibited, from paying dividends on the STRD Stock or purchasing, redeeming or acquiring the STRD Stock until and unless we first pay accumulated dividends in full on our STRK Stock, our STRF Stock and such dividend senior stock. Tax Considerations A holder or beneficial owner of the STRD Stock may, in some circumstances, be deemed to have received a distribution that is subject to U.S. federal income tax with respect to any increase in the liquidation preference or any discount at issuance. Applicable withholding taxes (including backup withholding) may be withheld from dividends. In addition, if any withholding taxes (including backup withholding) are paid on behalf of a preferred stockholder, then those withholding taxes may be set off against payments of cash in respect of the STRD Stock or sales proceeds received by, or other funds or assets of, that preferred stockholder. We or any other withholding agent may also require alternative arrangements to collect any withholding tax to ensure that we or such withholding agent is not out-of-pocketfor any potential withholding tax liability. Rights Upon Our Liquidation, Dissolution or Winding Up If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then, subject to the rights of any of our creditors, each share of STRD Stock will entitle the holder thereof to receive payment for the following amount out of our assets or funds legally available for distribution to our stockholders, before any such assets or funds are distributed to, or set aside for the benefit of, any liquidation junior stock:

| • |     | the “liquidation preference” (as defined below under the caption “—Definitions”)                
 per share of STRD Stock as of the business day immediately before the date of such payment; and |

| • |     | all declared and unpaid regular dividends, if any, that will have accrued on such share to, but excluding, the 
 date