Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 28

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 28
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 such events. |

Investors who purchase shares in this offering at different times will likely pay different prices, and so may experience different outcomes in their investment results. In addition, the stock market and the market for both bitcoin-influenced and technology companies have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies in those markets. In particular, recent trading prices of our class A common stock may reflect market dynamics that are not connected to traditional software and business intelligence industry fundamentals, or to valuation methods commonly associated with operating companies in these industries or with companies engaged predominantly in passive investments in bitcoin or other commodities, such as exchange-traded funds. Our equity market capitalization as of December 31, 2024 was well in excess of our stockholders’ equity calculated in accordance with U.S. GAAP and in excess of valuations that might traditionally be expected based on our operating performance, cash flows and net assets. Investors may therefore be unable to assess the value our class A common stock or evaluate the risks of an investment in us using traditional or commonly used enterprise valuation methods. We cannot predict how these dynamics may evolve over time, or whether or how long they may last. These market and industry factors may seriously harm the market price of our class A common stock, regardless of our actual operating performance, resulting in substantial losses for investors in our class A common stock, including holders of any shares of class A common stock issued upon the conversion of the perpetual strike preferred stock. Future sales or other dilution of our class A common stock, including other equity-related securities, could dilute our existing stockholders or otherwise depress the market price of our class A common stock and the perpetual strike preferred stock. Future sales of our class A common stock in the public market, or the perception that such sales could occur, or the issuance of class A common stock upon the conversion of the perpetual strike preferred stock could negatively impact the market price of our class A common stock, and, accordingly, the trading price of the perpetual strike preferred stock. The terms of the perpetual strike preferred stock do not restrict our ability to issue additional perpetual strike preferred stock, class A common stock or other equity-related securities in the future. Future sales or issuances of additional perpetual strike preferred stock, class A common stock or other equity-related securities could be dilutive to holders of perpetual strike preferred stock, including purchasers of perpetual strike preferred stock in this offering and holders of any shares of class A common stock issued upon conversion of the perpetual strike preferred stock, and