Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 27

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 27
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 treatment as a practical matter due to fungible trading.

If any shares of STRD Stock are sold at a discount, such shares may be subject to rules that require the accrual of such discount (or a greater discount than
the discount that applies to any other shares of STRD Stock) currently over the deemed term of the shares as deemed distributions under U.S. tax rules similar to those governing original issue discount for debt instruments. In that event, the IRS or
a withholding agent may treat any such discount as resulting in deemed taxable distributions with respect to all shares of STRD Stock, including those not issued at a discount (or issued at a lesser discount).

Because the IRS or other parties (such as withholding agents) may not be able to distinguish the shares of STRD Stock offered or resold from time to time, a
holder of STRD Stock might be subject to adverse tax consequences or might be required to demonstrate to the IRS (or such other parties) that the holder purchased the STRD Stock in a specific offering to which those adverse tax consequences did not
apply. Moreover, any adverse tax consequences as described above in connection with the issuance of any Offered Shares or Additional Shares may adversely affect the trading price of the STRD Stock. See “Material United States Federal Income Tax
Considerations” for further discussion.

Provisions of the STRD Stock could delay or prevent an otherwise beneficial takeover of us.

Certain provisions in the STRD Stock could make a third-party attempt to acquire us more difficult or expensive. For example, if a takeover
constitutes a fundamental change, then, except as described in this prospectus supplement, preferred stockholders will have the right to require us to repurchase their STRD Stock for cash. See “Description of STRD Stock—Fundamental Change
Permits Preferred Stockholders to Require Us to Repurchase STRD Stock.” These fundamental change provisions could increase the cost of acquiring us or otherwise discourage a third party from acquiring us or removing incumbent management,
including in a transaction that preferred stockholders may view as favorable.

Your investment in the STRD Stock may be harmed if we redeem the STRD Stock.

We have the right to redeem the STRD Stock in certain circumstances. See “Description of STRD Stock—Redemption at Our
Option.” If we redeem your STRD Stock, then you may be unable to reinvest any proceeds from the redemption in comparable investments at favorable dividend or interest rates.

We are not subject to legal and regulatory obligations that apply to investment companies such as