Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 112

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 112
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 Offered Shares, such profile or treatment could adversely impact your Offered Shares because of the inability to distinguish between your Offered Shares and the shares of Perpetual Strike Preferred Stock subject to such adverse
treatment. For example, adverse tax treatment of any shares of Perpetual Strike Preferred Stock could negatively impact the trading price of all shares of Perpetual Strike Preferred Stock in light of fungible trading of all such shares. In addition,
the IRS could treat your Offered Shares as subject to the adverse tax consequences applicable to other shares of Perpetual Strike Preferred Stock unless you are able to demonstrate that you acquired your Offered Shares in a specific offering and did
not hold such other shares of the Perpetual Strike Preferred Stock that are subject to adverse consequences. Preferred stockholders are urged to consult their tax advisors regarding these tax considerations.

Please also review the discussion below under “Fast-Pay Stock Regulations” for a discussion about the
potential application of those rules to the Perpetual Strike Preferred Stock (including the Offered Shares).

Extraordinary Dividends

If any shares of Perpetual Strike Preferred Stock are issued at a price that exceeds their liquidation preference, such shares of
Perpetual Strike Preferred Stock would constitute “disqualified preferred stock” for purposes of the extraordinary dividend rules. Even if your Offered Shares is not issued at such a price, due to fungible trading of the Perpetual Strike
Preferred Stock, your Offered Shares may be considered disqualified preferred stock unless you can clearly demonstrate that you purchased the Offered Shares in an offering other than one in which shares of Perpetual Strike Preferred Stock are issued
at a price that exceeds their liquidation preference. If the Offered Shares held by a corporate U.S. holder were considered disqualified preferred stock (including because such shares are indistinguishable from other shares of Perpetual Strike
Preferred Stock that are disqualified preferred stock) for any dividend received, the holder generally will be required to reduce its tax basis (but not below zero) in the Offered Shares with respect to which the dividend is received by the non-taxed portion of the dividend. Please also review the discussion above under “U.S. Holders—Distributions” for a discussion of extraordinary dividends.

Sales at a Discount

As discussed
above under “U.S. Holders—Deemed Distributions on the Offered Shares,” if shares of Perpetual Strike Preferred Stock (including Offered Shares) are sold at a discount, such shares may be subject to