Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 36

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 36
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 any dividends-received deduction it receives. The liquidation preference of the STRC Stock is subject to adjustment in the manner described in this prospectus supplement, which adjustment may be taken into account for
purposes of disqualified preferred stock determination. If any shares of STRC Stock issued are considered disqualified preferred stock, the other shares of STRC Stock could also be subject to the same treatment as a practical matter due to fungible
trading.

If any shares of STRC 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 STRC 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 STRC 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 STRC Stock offered or resold from time to time, a
holder of STRC 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 STRC 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 STRC Stock. See “Material United States Federal Income Tax
Considerations” for further discussion.

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

Certain provisions in the STRC 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 STRC Stock for cash. See

S-24

“Description of STRC Stock—Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase STRC 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 STRC Stock may be harmed