Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 43

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 43
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 stock or dividend parity stock, as applicable, provided such record or beneficial ownership was not obtained in anticipation of such acquisition);                                 |

| • |     | the exchange, conversion or reclassification of dividend parity stock solely for or into junior stock or other          
 dividend parity stock, together with the payment, in connection therewith, of cash in lieu of any fractional share; and |

| • |     | the exchange, conversion or reclassification of junior stock solely for or into other junior stock, together with 
 the payment, in connection therewith, of cash in lieu of any fractional share.                                    |

For the avoidance of doubt, the provisions described in this “—Limitation on Certain Payments” section will not prohibit or restrict the payment or other acquisition for value of any debt securities that are convertible into, or exchangeable for, any capital stock. Any dividend senior stock that we may issue in the future in accordance with the provision described in clause (3) under the caption “—Voting Rights—Voting and Consent Rights with Respect to Specified Matters” below could contain provisions similar to the one described in this “—Limitation on Certain Payments” section, which could prohibit us from paying accumulated dividends on the perpetual strife preferred stock or purchasing, redeeming or acquiring the perpetual strife preferred stock until and unless we first pay accumulated dividends in full on such dividend senior stock. Rights Upon Our Liquidation, Dissolution or Winding Up If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then, subject to the rights of any of our creditors, each share of perpetual strife preferred stock will entitle the holder thereof to receive payment for the following amount out of our assets or funds legally available for distribution to our stockholders, before any such assets or funds are distributed to, or set aside for the benefit of, any liquidation junior stock:

| • |     | the “liquidation preference” (as defined below under the caption “—Definitions”) per                              
 share of perpetual strife preferred stock as of the business day immediately before the date of such payment; and |

| • |     | all unpaid regular dividends (plus compounded dividends thereon), if any, that will have accumulated on such 
 share to, but excluding, the date of such payment.                                                           |

Upon payment of such amount in full on the outstanding perpetual strife preferred stock, holders of the perpetual strife preferred stock will have no rights to our remaining assets or funds, if any. If such assets or funds are insufficient to fully pay such amount on all