Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 17

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 17
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 or withhold such taxes from, payments of cash payable to such holder of STRF Stock or sales proceeds received by, or other funds or assets of, such holder of STRF Stock, or require alternative
arrangements with respect to such withholding taxes.

SA-9

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

Holders of STRF 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 do not have any accumulated earnings and profits, and do not expect to generate current earnings and
profits in the current year or the foreseeable future. Accordingly, the distributions on the STRF Stock are generally not expected to qualify as dividends for U.S. federal income tax purposes in the current year or the foreseeable future.

We intend to provide public notice to the holders of STRF Stock to the extent that the distributions on STRF Stock are not treated as being made out of our
current or accumulated earnings and profits. For the avoidance of doubt, our expectation on earnings and profits could change, therefore the U.S. federal income tax treatment of the distributions on STRF Stock could change. Holders of STRF Stock are
encouraged to consult with their tax advisors regarding the implications of our current or accumulated earnings and profits for U.S. federal income tax purposes.

The tax rules applicable to “fast-paystock” could result in adverse consequences to holders of STRF Stock.

Under Treasury Regulations promulgated under Section 7701(l) of the Code (the “Fast-Pay
Stock Regulations”), if stock of a corporation is structured such that dividends paid with respect to the stock are economically (in whole or in part) a return of the stockholder’s investment (rather than a return on the
stockholder’s investment), then the stock is characterized as “fast-pay stock” and is subject to adverse tax reporting requirements and potentially penalties, as described below. In addition,
under the Fast-Pay Stock Regulations