Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 60

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 60
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 change, in the laws or                                  
 treaties of the United States or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties; |

| • |     | an administrative action, which means any judicial decision or any official administrative pronouncement, ruling,                                                                            
 regulatory procedure, notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation; |

| • |     | any amendment to, clarification of, or change in the official position or the interpretation of any                                                                                                                                                     
 administrative action or judicial decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted position, in each case 
 by any legislative body, court, governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or                                                            |

| • |     | a threatened challenge asserted in writing in connection with a tax audit of us or any of our subsidiaries, or a                                                                                                                                         
 publicly known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the STRC Stock, which amendment, clarification or change is effective or 
 the administrative action is taken or                                                                                                                                                                                                                    |

SA-35

| judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted or becomes publicly known after July 24, 2025, there is more than an insubstantial risk that 
 any of the outstanding STRC Stock is treated as “fast-pay stock” within the meaning of Treasury Regulation Section 1.7701(l)-3(b)(2) (or becomes subject                                      
 to substantially similar successor provision).                                                                                                                                                |

“Trading day” means, with respect to the STRC Stock, any day on which (i) trading in the STRC Stock generally occurs on the principal U.S. national or regional securities exchange on which the STRC Stock is then listed or, if the STRC Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the STRC Stock is then traded; and (ii) there is no market disruption event. If the STRC Stock is not so listed or traded, then “trading day” with respect to the STRC Stock means a business day. “Voting parity stock” means, with respect to any matter as to which preferred stockholders are entitled to vote pursuant to the provisions