Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 15
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 a “regular dividend non-paymentevent” (as defined below under the caption “Description of STRF Stock—Definitions”). See “Description of STRF Stock—Voting Rights—Right to Designate up to Two Preferred Stock Directors Upon Regular Dividend Non-PaymentEvents.” However, because Michael J. Saylor, who beneficially owns the majority of our class B common stock, controls a significant portion of our total voting power, the impact of any such election may be limited. Accordingly, the voting provisions of the STRF Stock may not afford you with meaningful protections for your investment. SA-8

Without the consent of any holder of our STRF Stock, we may issue preferred stock in the future that ranks equally with the STRF Stock with respect to dividends and liquidation rights, which may adversely affect the rights of preferred stockholders.

Without the consent of any holder of STRF Stock, we may authorize and issue preferred stock (including additional STRF Stock) that ranks equally with the STRF
Stock with respect to the payment of dividends or the distribution of assets upon our liquidation, dissolution or winding up. If we issue any such equally ranked preferred stock in the future, the rights of holders of the STRF Stock will be diluted
and the trading price of the STRF Stock may decline. For example, if we issue any dividend parity stock in the future, no dividends may be declared or paid on STRF Stock unless regular dividends are simultaneously declared on any dividend parity
preferred stock on a pro rata basis (as described further under the caption “Description of STRF Stock—Regular Dividends—Priority of Dividends; Limitation on Junior Payments; No Participation Rights— Limitation on Dividends
on Parity Stock”).

A liquid trading market for the STRF Stock may not be maintained.

Although we have listed the STRF Stock on The Nasdaq Global Select Market, a liquid trading market for the STRF Stock may not continue to develop or be
maintained, and the listing may be subsequently withdrawn. Accordingly, you may not be able to sell your STRF Stock at the times you wish to or at favorable prices, if at all.

The liquidity of the trading market, if any, and future trading prices of the STRF Stock will depend on many factors, including, among other things,
prevailing interest rates, our dividend yield, financial condition, results of operations, business, prospects and credit quality relative to our competitors, the market for similar securities and the overall securities market. Many