Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 50

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 50
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 doubt, the provisions described in this “—Limitation on Certain Payments” section will not prohibit or restrict the payment or other acquisition for value of any debt securities that are convertible into, or exchangeable for, any capital stock. Any dividend senior stock that we have, and may issue in the future, could contain provisions similar to the one described in this “—Limitation on Certain Payments” section, which could prohibit us from paying accumulated dividends on the STRK Stock or purchasing, redeeming or acquiring the STRK Stock until and unless we first pay accumulated dividends in full on such dividend senior stock. Rights Upon Our Liquidation, Dissolution or Winding Up If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then, subject to the rights of any of our creditors or holders of any outstanding liquidation senior stock, each share of STRK Stock will entitle the holder thereof to receive payment for the following amount out of our assets or funds legally available for distribution to our stockholders, before any such assets or funds are distributed to, or set aside for the benefit of, any liquidation junior stock:

| • |     | the liquidation preference per share of STRK Stock, which was initially equal to $100 per share (or, upon                                                       
 ratification of the STRK Amendment, the liquidation preference per share of STRK Stock as of the business day immediately before the date of such payment); and |

| • |     | all unpaid regular dividends, if any, that will have accumulated on such share to, but excluding, the date of 
 such payment.                                                                                                 |

The liquidation preference of the STRK Stock is $100 as of the date of this STRK Stock Annex. On July 7, 2025, we filed the STRK Amendment with the Secretary of State of the State of Delaware to the certificate of designations so that, together with other conforming changes, the STRK Stock has a liquidation preference that is initially $100 per share; provided, however, that, effective immediately after the close of business on each business day on or after July 7, 2025 (and, on or after July 7, 2025, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of STRK Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the SA-30

liquidation preference per share