Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 89

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 89
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 or otherwise; and (y) such person or any one or more of the other subsidiaries of such person is a controlling general partner of, or otherwise controls, such partnership or limited liability company. “Successor person” has the meaning set forth above under the caption “—Conversion Rights—Conversion Rate Adjustments—Execution of Supplemental Instruments.” A “tax event” will be deemed to occur if we have received an opinion of counsel experienced in such matters to the effect that, as a result of:

| • |     | any amendment to, clarification of, or change, including any announced prospective change, in the laws or                                  
 treaties of the United States or any of its political subdivisions or taxing authorities, or any regulations under those laws or treaties; |

| • |     | an administrative action, which means any judicial decision or any official administrative pronouncement, ruling,                                                                            
 regulatory procedure, notice or announcement, including any notice or announcement of intent to issue or adopt any administrative pronouncement, ruling, regulatory procedure or regulation; |

| • |     | any amendment to, clarification of, or change in the official position or the interpretation of any                                                                                                                                                     
 administrative action or judicial decision or any interpretation or pronouncement that provides for a position with respect to an administrative action or judicial decision that differs from the previously generally accepted position, in each case 
 by any legislative body, court, governmental authority or regulatory body, regardless of the time or manner in which that amendment, clarification or change is introduced or made known; or                                                            |

| • |     | a threatened challenge asserted in writing in connection with a tax audit of us or any of our subsidiaries, or a                                                                                
 publicly known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the STRK Stock, |

which amendment, clarification or change is effective or the administrative action is taken or judicial decision, interpretation or pronouncement is issued or threatened challenge is asserted or becomes publicly known after January 30, 2025, there is more than an insubstantial risk that any of the outstanding STRK Stock is treated as “fast-paystock” within the meaning of Treasury Regulation Section 1.7701(l)-3(b)(2)(or becomes subject to substantially similar successor provision). “Tender/exchange offer valuation period” has the meaning set forth above in paragraph (5) under the caption “—Conversion Rights—Conversion Rate Adjustments—Generally.” “Trading day” means, with respect to our class A common stock