Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 66

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 66
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 days immediately preceding such business day, provided, however, that, if applicable, the reference in this clause (iii) to ten (10) will be replaced by such lesser number of trading days as have elapsed
during the period from, and including, July 29, 2025 to, but excluding, such business day. Notwithstanding anything to the contrary in the preceding sentence, at all times before the first date on which we execute any sale transaction to be
settled by the issuance of STRC Stock (other than the STRC Stock initially issued on July 29, 2025), which may include sales in this offering, the liquidation preference per share of STRC Stock will be $100. Whenever in this prospectus
supplement we refer to the liquidation preference of the STRC Stock as of a particular date without setting forth a particular time on such date, such reference will be deemed to be to the liquidation preference immediately after the close of
business on such date. For purposes of this definition, references to our execution of any sale transaction to be settled by the issuance of STRC Stock includes any resale of any shares of STRC Stock that we or any of our subsidiaries have purchased
or otherwise acquired.

“Liquidation senior stock” means any class or series of our stock whose terms expressly provide that such class or
series will rank senior to the STRC Stock with respect to the distribution of assets upon our liquidation, dissolution or winding up. Liquidation senior stock includes our STRF Stock. For the avoidance of doubt, liquidation senior stock will not
include any securities of our subsidiaries.

“Market disruption event” means, with respect to the STRC Stock, on any date, the occurrence or
existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the STRC Stock is listed
for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the STRC Stock or in any options contracts or futures contracts
relating to the STRC Stock.

“Monthly regular dividend rate per annum” has the following meaning: (i) with respect to the regular dividend
period beginning on July 29, 2025, a rate per annum equal to 9.00%; and (ii) with respect to each following regular dividend period (each such regular dividend period being referred