Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 15
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 benefit and protection of investors. We are not subject to, and do not otherwise voluntarily comply with, these laws and regulations. This means,
among other things, that the execution of or changes to our Treasury Reserve Policy or our bitcoin strategy, our use of leverage, the manner in which our bitcoin is custodied, our ability to engage in transactions with affiliated parties and our
operating and investment activities generally are not subject to the extensive legal and regulatory requirements and prohibitions that apply to investment companies and investment advisers. For example, although a significant change to our Treasury
Reserve Policy would require the approval of our board of directors, no stockholder or regulatory approval would be necessary. Consequently, our board of directors has broad discretion over the investment, leverage and cash management policies it
authorizes, whether in respect of our bitcoin holdings or other activities we may pursue, and has the power to change our current policies, including our strategy of acquiring and holding bitcoin. See “Use of Proceeds.” Additionally, we
are not a registered money market fund under the Investment Company Act of 1940, as amended, and we do not operate as a registered money market fund. Holders of our securities do not benefit from the protections available to holders of instruments
of a registered money market fund. Bitcoin does not have a similar risk profile to the assets required to be held by money market funds because, among other things, it is much more volatile and involves no principal protection. Unlike money market
funds, we do not price our securities based on the net asset value of the pool of assets backing the securities. We are also not subject to any regulation requiring that we maintain any particular pricing or stable value, and we are not subject to
the fee restrictions or liquidity requirements applicable to registered money market funds.

S-11

USE OF PROCEEDS

We intend to use the net proceeds from the offerings of securities under this base prospectus supplement and the annexes to this base prospectus supplement
for the purposes set forth in the applicable annex, which may include general corporate purposes, including the acquisition of bitcoin and for working capital, and the payment of cash dividends declared or expected to be declared by the board of
directors from time to time on shares of one or more series of our preferred stock.

Bitcoin is a highly volatile asset that has traded below $70,000 per
bitcoin and above $120,000 per bitcoin in our principal market in the 12 months preceding the date of this base prospectus supplement. Bitcoin does not pay