Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 20

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 20
---
 pay dividends on our class A common stock, we may decide to do so in the future. In that case, a reduction or elimination of dividends on our class A common stock may cause the trading price of our class A common stock to decline, which, in turn, will likely depress the trading price of the STRK Stock. Not all events that may adversely affect the trading price of the STRK Stock and our class A common stock will result in an adjustment to the conversion rate. The conversion rate is subject to adjustment for certain events, including:

| • |     | certain stock dividends, splits and combinations; |

| • |     | the issuance of certain rights, options or warrants to holders of our class A common stock; |

| • |     | certain distributions of assets, debt securities, capital stock or other property to holders of our class A 
 common stock;                                                                                               |

| • |     | cash dividends on our class A common stock; and |

| • |     | certain tender or exchange offers. |

See “Description of STRK Stock—Conversion Rights—Conversion Rate Adjustments.” We are not required to adjust the conversion rate for other events, such as third-party tender offers or an issuance of class A common stock (or securities exercisable for, or convertible into, class A common stock) for cash, that may adversely affect the trading price of the STRK Stock and our class A common stock. An event may occur that adversely affects the preferred stockholders and the trading price of the STRK Stock and the underlying shares of our class A common stock but that does not result in an adjustment to the conversion rate. Certain events that can significantly reduce, or eliminate entirely, the option value of the conversion right of the STRK Stock will not require an adjustment to the conversion rate. For example, if we are party to a business combination transaction pursuant to which our class A common stock is acquired solely for cash, then, pursuant to the provisions described below under the caption “Description of STRK Stock—Conversion Rights—Effect of Class A Common Stock Change Event,” the STRK Stock will become convertible solely into cash, which will eliminate the time value, and may harm the option value, of the conversion right of the STRK Stock. Similarly, a de-listingof our class A common stock will likely severely reduce the liquidity of the market for our class A common stock and the volatility of the trading price of our class A common stock, which, in turn, will likely reduce the option value of the conversion right of