Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 109

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 109
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 We can legally release ourselves from any payment or other obligations on the debt securities of any series (called “legal defeasance”) if certain conditions are met, including the following:

| • |     | we deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of the                                                                                                                                           
 same series cash or a combination of cash and U.S. government or U.S. government agency obligations (or, in the case of senior debt securities denominated in a foreign currency, foreign government or foreign government agency obligations) that will 
 generate enough cash to make interest, principal and any other payments on the debt securities of that series on their various due dates;                                                                                                                |

| • |     | there is a change in current U.S. federal income tax law or an IRS ruling that lets us make the above deposit                                                                                                                                           
 without causing you to be taxed on the debt securities any differently than if we did not make the deposit and instead repaid the debt securities ourselves when due. Under current U.S. federal income tax law, the deposit and our legal release from 
 the debt securities would be treated as though we took back your debt securities and gave you your share of the cash and debt securities or bonds deposited in trust. In that event, you could recognize gain or loss on the debt securities you give   
 back to us; and                                                                                                                                                                                                                                         |

| • |     | we deliver to the trustee a legal opinion of our counsel confirming the tax law change or ruling described above. |

If we accomplish legal defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the event of any shortfall. Covenant Defeasance. Without any change in current U.S. federal tax law, we can make the same type of deposit described above and be released from some of the covenants in the debt securities (called “covenant defeasance”). In that event, you would lose the protection of those covenants but would gain the protection of having money and securities set aside in trust to repay the debt securities. In order to achieve covenant defeasance, we must do the following (among other things):

| • |     | deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of the same                                                                                                                                    
 series cash or a combination of cash and U.S. government or U.S. government agency obligations (or, in the case of senior debt securities den