Company: MSTR
Filing Date: 2025-01-27
Form Type: S-3ASR
Source: 0001193125-25-012707
Chunk: 8

Company: Strategy Inc
Filing Date: 2025-01-27
Form: S-3ASR
Chunk 8
---
 geopolitical tensions, acts of terrorism, natural disasters, pandemics (like the COVID-19 pandemic), and similar events, could materially 
 adversely affect our operating results or result in a material weakness in our internal controls that could adversely affect the market price of our stock;                                               |

| • |     | we face a variety of risks in doing business with U.S. and foreign federal, state, and local governments and                                                                               
 government agencies, including risks related to the procurement process, budget constraints and cycles, termination of contracts, and compliance with government contracting requirements; |

| • |     | changes in laws or regulations relating to privacy or the collection, processing, disclosure, storage,                                                                                                                                            
 localization, or transmission of personal data, or any actual or perceived failure by us or our third-party service providers to comply with such laws and regulations, contractual obligations, or applicable privacy policies, could materially 
 adversely affect our business;                                                                                                                                                                                                                    |

-6-

| • |     | if we or our third-party service providers experience a disruption due to a cybersecurity attack or security                                                                                                                             
 breach and unauthorized parties obtain access to our customers’, prospects’, vendors’, or channel partners’ data, our data, our networks or other systems, or the cloud environments we manage, our offerings may be perceived as not    
 being secure, our reputation may be harmed, demand for our offerings may be reduced, our operations may be disrupted, we may incur significant legal and financial liabilities, and our business could be materially adversely affected; |

Risks Related to Our Class A Common Stock

| • |     | the market price of our class A common stock has been and may continue to be volatile; |

| • |     | because of the rights of our two classes of common stock and because Michael J. Saylor, who                                                                                                                                                      
 beneficially owns the majority of our class B common stock, controls a significant portion of our total voting power, Mr. Saylor has significant influence over matters that require approval of our stockholders and could impede a third party 
 from acquiring us, or limit the ability of our other stockholders to influence corporate matters funds;                                                                                                                                          |

| • |     | future sales, or the perception of future sales, of our class A common stock, convertible debt instruments,       
 convertible preferred stock, or other convertible securities could depress the price of our class A common stock; |

Risks Related to Our Outstanding and Potential Future Indebtedness

| • |     | our level and terms of indebtedness could adversely affect our ability to raise additional