Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 67

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 67
---
 non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses.

With
respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC.

A payment made to a non-U.S. holder in redemption of the Offered Shares may be treated as a dividend, rather than as a payment in exchange for the stock, in the circumstances discussed above under “U.S. Holders—Sale or
Redemption of Offered Shares,” in which event the payment would be subject to tax as discussed above under “Non-U.S. Holders—Distributions.”

Non-U.S. holders should consult their tax advisors regarding potentially applicable income tax treaties that may
provide for different rules.

Deemed Distributions on the Offered Shares

As described above under “U.S. Holders—Deemed Distributions on the Offered Shares,” upon an adjustment to the liquidation preference of the
Offered Shares, or if the Offered Shares were issued at a discount, the holder may be treated as receiving a deemed distribution. If we (or an applicable withholding agent) pay withholding on behalf of a
non-U.S. holder (because such non-U.S. holder failed to establish an exemption from dividend withholding), we may, at our option (or an applicable withholding agent may)
set off such payments against, or withhold such taxes from, payments of cash to the non-U.S. holder or sales proceeds received by, or other funds or assets of, the
non-U.S. holder, or require alternative arrangements in respect of such withholding taxes.

Multiple Issuances of STRD Stock—Effect of Fungible Trading

We will issue Offered Shares from time to time under this prospectus supplement, and may otherwise issue
shares of STRD Stock (or resell any shares of STRD Stock that we or any of our subsidiaries have purchased or otherwise acquired) from time to time (such issued or resold shares, the “Additional Shares”). If your Offered Shares trade under
the same CUSIP or other identifying number as that of other shares of STRD Stock, those other shares may not be distinguishable from your shares by persons such as subsequent purchasers and withholding agents. If we issue any shares of STRD
Stock—whether Offered Shares or Additional Shares—that have a different, and potentially adverse, tax profile or treatment for U.S. federal income tax purposes from your Offered Shares, such profile or treatment could