Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 23

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 23
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 any such adjustment of liquidation preference in the manner described in this prospectus supplement or discount should not be treated as giving rise to a deemed distribution on the STRD Stock. However, there is no assurance that the Internal Revenue Service (the “IRS”) or an applicable withholding agent will not take a contrary position. Any deemed distribution will generally be taxable to the same extent as a cash distribution. In addition, for any STRD stockholder that is a “non-U.S.holder” (as defined in “Material United States Federal Income Tax S-17

Considerations”), any deemed distribution could be subject to U.S. federal withholding tax at a 30% rate, or such lower rate as may be specified by an applicable treaty. Because deemed
distributions received by a holder of STRD Stock would not give rise to any cash from which any applicable withholding tax could be satisfied, if we (or an applicable withholding agent) pay withholding (including backup withholding) on behalf of a
holder of STRD Stock, we (or an applicable withholding agent) may set off any such payment against, or withhold such taxes from, payments of cash to such holder of STRD Stock or sales proceeds received by, or other funds or assets of, such holder of
STRD Stock, or require alternative arrangements with respect to such withholding taxes.

The application of the rules under Section 305 of the Code
to the STRD Stock is uncertain, and holders of STRD Stock should consult their tax advisors about the impact of these rules in their particular situations.

Holders of STRD Stock may not be entitled to the dividends-received deduction or preferential tax rates applicable to qualified dividend income.

Distributions paid to corporate U.S. holders may be eligible for the dividends-received deduction and distributions paid to non-corporate U.S. holders may be subject to tax at the preferential tax rates applicable to “qualified dividend income” if we have current or accumulated earnings and profits, as determined for U.S.
federal income tax purposes and certain holding period and other requirements are met. We may not have sufficient current or accumulated earnings and profits during any fiscal year for the distributions on the STRD Stock to qualify as dividends for
U.S. federal income tax purposes. If any distributions on the STRD Stock with respect to any fiscal year are not eligible for the dividends-received deduction or for the preferential tax rates applicable to “qualified dividend income”
because of insufficient current or accumulated earnings and profits, the trading price of the STRD Stock may