Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 45

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 45
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 |     | equally with (i) “dividend parity stock” (as defined below under the caption                                                                                                                          
 “—Definitions”) with respect to the payment of dividends; and (ii) “liquidation parity stock” (as defined below under the caption “—Definitions”) with respect to the distribution of assets upon our 
 liquidation, dissolution or winding up;                                                                                                                                                               |

| • |     | junior to (i) dividend senior stock with respect to the payment of dividends; and (ii) liquidation       
 senior stock with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to our existing and future indebtedness (including all of our issued and outstanding convertible notes); 
 and                                                                                                             |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

Our class A common stock and class B common stock will constitute dividend junior stock and liquidation junior stock. However, the terms of the perpetual strike preferred stock will not restrict us from issuing dividend senior stock or liquidation senior stock. S-33

Regular Dividends

Generally

The perpetual strike
preferred stock accumulates cumulative dividends (which we refer to as “regular dividends”) at a rate per annum equal to 8.00% (such rate per annum, the “regular dividend rate”) on the liquidation preference thereof (and, to the
extent described in the third immediately following paragraph, on unpaid regular dividends), regardless of whether or not declared or funds are legally available for their payment. Subject to the other provisions described below, such regular
dividends will be payable when, as and if declared by our “board of directors” (as defined below under the caption “—Definitions”), out of funds legally available for their payment to the extent paid in cash, quarterly in
arrears on each “regular dividend payment date” (as defined below under the caption “—Definitions”) to the preferred stockholders of record as of the close of business on the “regular record date” (as defined below
under the caption “—Definitions”) immediately preceding the applicable regular dividend payment date. For the avoidance of doubt, a holder of any shares of perpetual strike preferred stock that are issued in this offering after 5:00
p.m., New York City time, on a regular record date relating to a declared regular dividend on