Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 26

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 26
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 shares that we or any of our subsidiaries have purchased or otherwise acquired) from time to time (such issued or resold shares, the “Additional Shares”). We do not intend to issue any shares of STRC Stock that would
be treated as fast-pay stock, and we do not believe that we structured any Offered Shares, or will structure any Additional Shares, such that dividends paid by us with respect to the STRC Stock will be
economically a return of a stockholder’s investment. Moreover, we have obtained, and we intend to obtain in the future, advice of counsel in connection with offerings of STRC Stock for the purpose of analyzing the consequences of issuing such
shares, including in light of any legal developments regarding the definition of fast-pay stock. As the liquidation preference of the STRC Stock is subject to adjustment in the manner described in this STRC
Stock Annex and our current intention is to issue the Offered Shares or any Additional Shares at a price per share not more than our optional redemption price plus accrued and unpaid dividends that may apply to such instrument at the time of its
issuance, it is generally not expected that any Offered Shares or Additional Shares would be issued at such a level of premium above their liquidation preference or optional redemption price at the time of sale of the Offered Shares or Additional
Shares so as to implicate the fast-pay stock rules. In addition, we do not intend to adjust the regular dividend rate in a manner that would cause the STRC Stock to be treated as
fast-pay stock. Any adjustment to the regular dividend rate is expected to be consistent with our current intention to maintain the STRC Stock’s trading price at or close to its stated amount of $100 per
share, and therefore the STRC Stock’s dividend rate is generally expected to fluctuate over time. Nonetheless, there may be increased risk that the IRS could assert that such Offered Shares or Additional Shares constitute fast-pay stock.

SA-14

Transactions involving fast-pay stock arrangements are treated as
“listed transactions” for U.S. federal income tax purposes. Issuers and holders of any shares of fast-pay stock would be required to report their participation in the transaction on IRS Form 8886
on an annual basis with their U.S. federal income tax returns and would also be required to mail a copy of that form to the IRS Office of Tax Shelter Analysis. Failure to comply with those disclosure requirements could result in the assessment by
the IRS of interest, additions to tax and oner