Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 43

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 43
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 all times be a person that is eligible to act in that capacity under the depositary procedures).

Registered Holders

Absent manifest error, a person in
whose name any share of perpetual strike preferred stock is registered on the registrar’s books will be considered to be the holder of that share for all purposes, and only registered holders (which, in the case of perpetual strike preferred
stock held through DTC, will initially be DTC’s nominee, Cede & Co.) will have rights under our certificate of incorporation and certificate of designations as holders of the perpetual strike preferred stock. In this section, we refer
to the registered holders of the perpetual strike preferred stock as “holders” of the perpetual strike preferred stock or “preferred stockholders.”

The perpetual strike preferred stock will be initially issued in global form, represented by one or more “global certificates” registered in the
name of Cede & Co., as nominee of DTC, and DTC will act as the initial depositary for the perpetual strike preferred stock. In limited circumstances, global certificates will be exchanged for “physical certificates” registered in
the name of the applicable preferred stockholders. See “—Book Entry, Settlement and Clearance” for a definition of these terms and a description of certain DTC procedures that will be applicable to perpetual strike preferred stock
represented by global certificates.

Transfers and Exchanges

A preferred stockholder may transfer or exchange its perpetual strike preferred stock at the office of the registrar in accordance with the certificate of
designations. We, the transfer agent and the registrar may require the preferred stockholder to, among other things, deliver appropriate endorsements or transfer instruments as we or they may reasonably require. In addition, subject to the terms of
the certificate of designations, we, the transfer agent and the registrar may refuse to register the transfer or exchange of any share of perpetual strike preferred stock that is subject to conversion, redemption or required repurchase.

Listing

The perpetual strike preferred stock is listed
on The Nasdaq Global Select Market under the symbol “STRK.”

Our class A common stock is listed on The Nasdaq Global Select Market under the
symbol “MSTR.”

Payments on the Perpetual Strike Preferred Stock

We will pay (or cause a paying agent to pay) all declared cash regular dividends or other cash amounts due on any perpetual strike preferred stock represented
by a global certificate by wire transfer of immediately available

S-32

funds. We will pay (or cause a paying agent to pay) all declared cash regular dividends