Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 35

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 35
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 securities to be materially less favorable as described above) and will not require any vote or consent pursuant to any of the preceding clauses (1) or (2):

| • |     | any increase in the number of the authorized but unissued shares of our undesignated preferred stock; |

| • |     | any increase in the number of authorized or issued shares of STRD Stock; and |

| • |     | the creation and issuance, or increase in the authorized or issued number, of any class or series of stock                                   
 (including, for the avoidance of doubt, dividend parity stock, liquidation parity stock, dividend senior stock or liquidation senior stock). |

If any event described in paragraphs (1) or (2) above would materially adversely affect the rights, preferences or voting powers of one or more, but not all, classes or series of voting parity stock (which term, solely for these purposes, includes the STRD Stock), then those classes or series whose rights, preferences or voting powers SA-21

would not be materially adversely affected will be deemed not to have voting or consent rights with respect to such event. Furthermore, an amendment, modification or repeal described in paragraph (1) above that materially adversely affects the special rights, preferences or voting powers of the STRD Stock cannot be effected without the affirmative vote or consent of preferred stockholders, voting separately as a class, of at least a majority of the STRD Stock then outstanding. Certain Amendments Permitted Without Consent Notwithstanding anything to the contrary described in paragraph (1) above under the caption “—Voting and Consent Rights with Respect to Specified Matters,” we may amend, modify or repeal any of the terms of the STRD Stock without the vote or consent of any preferred stockholder to:

| • |     | cure any ambiguity or correct any omission, defect or inconsistency in the certificate of designations or the                                                                                                         
 certificates representing the STRD Stock, including the filing of a certificate of correction, or a corrected instrument, pursuant to Section 103(f) of the Delaware General Corporation Law in connection therewith; |

| • |     | provide for or confirm the issuance of additional STRD Stock pursuant to the certificate of designations; |

| • |     | provide for any transfer restrictions that apply to any shares of STRD Stock (other than the shares of STRD Stock                                                                                                                      
 issued in this offering and any shares of STRD Stock issued in exchange therefor or in substitution thereof) that, at the time of their original issuance