Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 35

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 35
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 with the SEC.

Notwithstanding our intent not to issue STRC Stock that would be fast-pay stock, the rules regarding the definition of
fast-pay stock are unclear in certain respects and, therefore, the IRS could disagree with our determination and treat Offered Shares or Additional Shares as fast-pay
stock. In addition, even if a particular

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issuance of Offered Shares or Additional Shares is not fast-pay stock, the treatment of any other shares of STRC Stock—including other Offered Shares
or any Additional Shares—as fast-pay stock (for example, as a result of a determination by the IRS) could result in adverse consequences to holders of all shares of STRC Stock because the shares may be
indistinguishable from each other. See “—An issuance of STRC Stock could have an adverse tax profile, which could subject holders of any other shares of STRC Stock to adverse consequences” below.

Accordingly, holders of STRC Stock are strongly urged to consult their tax advisors regarding the Fast-Pay Stock
Regulations and their potential consequences to an investment in the STRC Stock.

An issuance of STRC Stock could have an adverse tax profile, which could subject holders of any other shares of STRC Stock to adverse consequences.

If we issue shares of STRC Stock—whether Offered Shares or
Additional Shares—that have a different, and potentially adverse, tax profile or treatment for U.S. federal income tax purposes from your shares of STRC Stock, since all such shares would trade under the same CUSIP or other identifying number,
your shares of STRC Stock may be treated by subsequent purchasers, withholding agents and potentially the IRS as having the same adverse tax profile or treatment if they are not otherwise distinguishable from the STRC Stock subject to such adverse
treatment.

For example, notwithstanding our intent not to issue any shares of STRC Stock that are fast-pay stock,
the IRS could assert that certain shares of STRC Stock constitute fast-pay stock. See “—The tax rules applicable to “fast-pay stock” could result in
adverse consequences to holders of STRC Stock” above.

Furthermore, if any shares of STRC Stock are issued at a price that exceeds their liquidation
preference, such shares would constitute “disqualified preferred stock” within the meaning of Section 1059(f)(2) of the Code and any corporate U.S. holder generally will be required to reduce its tax basis (but not below zero) in the
STRC Stock by the amount of