Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 28

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 28
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 of a holder of STRK Stock in our assets or earnings and profits, the holder of STRK Stock may be deemed to have received for U.S. federal income tax
purposes a deemed distribution without the receipt of any cash or property.

Furthermore, upon a conversion of STRK Stock into class A common stock,
depending on the circumstances, any class A common stock received in respect of any deferred and unpaid dividend (and any dividend that has been declared and not yet paid as well as any accrued but unpaid dividend in the then-current dividend
period) could be treated as a deemed distribution for U.S. federal income tax purposes.

Any deemed distribution or any distribution to holders of the
STRK Stock that is paid in class A common stock will generally be taxable to the same extent as a cash distribution. In addition, for any holder of STRK Stock that is a non-U.S. holder (as defined in
“Material United States Federal Income Tax Considerations”), any deemed distribution or non-cash distribution could be subject to U.S. federal withholding tax at a 30% rate, or such lower rate as
may be specified by an applicable treaty. Because deemed distributions or non-cash distributions received by a holder of STRK Stock would not give rise to any cash from which any applicable withholding tax
could be satisfied, if we (or an applicable withholding agent) pay withholding (including backup withholding) on behalf of

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a holder of STRK Stock, we (or an applicable withholding agent) may set off any such payment against, or withhold such taxes from, payments of cash or delivery of shares of class A common stock
to such holder of STRK Stock (or, in some circumstances, any payments on our class A common stock) or sales proceeds received by, or other funds or assets of, such holder of STRK Stock, or require alternative arrangements (e.g., deposit for taxes
prior to delivery of such dividend in the form of class A common stock or of conversion consideration).

The application of the rules under
Section 305 of the Code to the STRK Stock is uncertain, and holders of STRK Stock should consult their tax advisors about the impact of these rules in their particular situations.

Holders of STRK Stock may not be entitled to the dividends-received deduction or preferential tax rates applicable to qualified dividend income.

Distributions paid to corporate U.S. holders may be eligible for the dividends-received deduction and distributions paid to non-corporate U.S. holders may be subject to