Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 28

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 28
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 Considerations” for further discussion.

Provisions of the perpetual strife preferred stock could delay or prevent an otherwise beneficial takeover of us.

Certain provisions in the perpetual strife preferred 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 perpetual strife preferred stock for cash. See “Description of
Perpetual Strife Preferred Stock—Fundamental Change Permits Preferred Stockholders to Require Us to Repurchase Perpetual Strife Preferred 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 perpetual strife preferred stock may be harmed if we redeem the perpetual strife preferred stock.

We have the right to redeem the perpetual strife preferred stock in certain circumstances. See “Description of Perpetual Strife Preferred
Stock—Redemption at Our Option.” If we redeem your perpetual strife preferred

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stock, then you may be unable to reinvest any proceeds from the redemption in comparable investments at favorable dividend or interest rates.

We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.

Mutual funds, exchange-traded funds and their directors and management are subject to
extensive regulation as “investment companies” and “investment advisers” under U.S. federal and state law; this regulation is intended for the benefit and protection of investors. We are not subject to, and do not otherwise
voluntarily comply with, these laws and regulations. This means, among other things, that the execution of or changes to our Treasury Reserve Policy or our bitcoin strategy, our use of leverage, the manner in which our bitcoin is custodied, our
ability to engage in transactions with affiliated parties and our operating and investment activities generally are not subject to the extensive legal and regulatory requirements and prohibitions that apply to investment companies and investment
advisers. For example, although a significant change to our Treasury Reserve Policy would require the approval of our board of directors, no stockholder or regulatory approval would be necessary. Consequently, our board of directors has broad
discretion over the investment, leverage and cash management policies it authorizes, whether in respect of our bitcoin holdings or other activities we may