Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 29

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 29
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 been, and will likely continue to be, highly volatile.

We may use the net proceeds from this offering to purchase additional bitcoin. Bitcoin is a highly volatile asset that has traded below
$50,000 per bitcoin and above $110,000 per bitcoin on the Coinbase exchange (our principal market for bitcoin) in the 12 months preceding the date of this prospectus supplement. In addition, bitcoin does not pay interest or other returns and so the
ability to generate a return on investment from the net proceeds from this offering will depend on whether there is appreciation in the value of bitcoin following our purchases of bitcoin with the net proceeds from this offering. Future fluctuations
in bitcoin trading prices may result in our converting bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering.

The accounting method for the STRD Stock may result in lower reported net earnings attributable to common stockholders.

The accounting method for reflecting the provisions of the STRD Stock in our financial statements may adversely affect our reported earnings. Applicable
accounting standards require us to separately account for certain redemption features associated with the STRD Stock as embedded derivatives. Under this treatment, any embedded derivatives are measured at their fair value and accounted for
separately as liabilities that are marked-to-market at the end of each reporting period. For each financial statement period after the issuance of the STRD Stock, a gain
or loss will be reported in our statement of operations to the extent the valuation of any of the embedded derivatives changes from the previous period. This accounting treatment may subject our reported net income (loss) to significant non-cash volatility.

In addition, accounting standards may change in the future. Accordingly, we may account for the
STRD Stock in future periods in a manner that is significantly different than described above.

Because the STRD Stock is held in book-entry form, holders of the STRD Stock must rely on DTC’s procedures to exercise their rights and remedies.

We initially issued the STRD Stock, and the
STRD Stock sold in this offering will be initially issued, in the form of “global certificates” registered in the name of Cede & Co., as nominee of DTC. Beneficial interests in global certificates are shown on, and transfers of
global certificates are effected only through, the records maintained by DTC. Except in limited circumstances, we will not issue physical certificates representing the STRD Stock. See “Description of STRD Stock—Book Entry, Settlement and
Clearance.” Accordingly, if