Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 39

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 39
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 perpetual strike preferred stock may result in lower reported diluted earnings per share.

Furthermore, we have not reached a final determination regarding the accounting treatment for the perpetual strike preferred stock, and the description above
is preliminary. In addition, accounting standards may change in the future. Accordingly, we may account for the perpetual strike preferred stock in a manner that is significantly different than described above.

Because the perpetual strike preferred stock is held in book-entry form, holders of the perpetual strike preferred stock must rely on DTC’s procedures to exercise their rights and remedies.

We initially issued the perpetual strike preferred stock, and the perpetual strike
preferred stock sold in this offering will be initially issued, in the form of “global certificates” registered in the name of Cede & Co., as nominee of DTC. Beneficial interests in global certificates are shown on, and transfers
of global certificates are effected only through, the records maintained by DTC. Except in limited circumstances, we will not issue physical certificates representing the perpetual strike preferred stock. See “Description of Perpetual Strike
Preferred Stock—Book Entry, Settlement and Clearance.” Accordingly, if you own a beneficial interest in a global certificate, then you will not be considered an owner or holder of the perpetual strike preferred stock. Instead, DTC or its
nominee will be the sole holder of the perpetual strike preferred stock. Payments of cash dividends and other cash amounts on global certificates will be made to the paying agent, who will remit the payments to DTC. We expect that DTC will then
credit those payments to the DTC participant accounts that hold book-entry interests in the global certificates and that those participants will credit the payments to indirect DTC participants. Unlike persons who have physical certificates
registered in their names, owners of beneficial

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interests in global certificates will not have the direct right to act on our solicitations for consents or requests for waivers or other actions from holders of the perpetual strike preferred
stock. Instead, those beneficial owners will be permitted to act only to the extent that they have received appropriate proxies to do so from DTC or, if applicable, a DTC participant. The applicable procedures for the granting of these proxies may
not be sufficient to enable owners of beneficial interests in global certificates to vote on any requested actions on a timely basis.

Holding perpetual strike preferred stock does not, in itself, confer any rights with respect to our class A common stock.

Holding perpetual strike preferred stock does not confer any rights with respect to our class A common