Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 30

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 30
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 at their fair value and accounted for separately as liabilities that are marked-to-market at the end of each reporting period. For each financial statement period after the issuance of the perpetual strife preferred stock, a gain or loss will be reported in our statement of
operations to the extent the valuation of any of the embedded derivatives changes from the previous period. This accounting treatment may subject our reported net income (loss) to significant non-cash
volatility.

In addition, accounting standards may change in the future. Accordingly, we may account for the perpetual strife preferred stock in future
periods in a manner that is significantly different than described above.

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

We
initially issued the perpetual strife preferred stock, and the perpetual strife 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 strife preferred stock. See “Description of Perpetual Strife 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 strife preferred stock. Instead, DTC or its nominee will be the sole holder of the perpetual strife 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 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 strife 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