Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 32

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 32
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 different, and potentially adverse, tax profile or treatment for U.S. federal income tax purposes from your shares of STRK Stock, since all such shares would
trade under the same CUSIP or other identifying number, your shares of STRK Stock may be treated by subsequent purchasers, withholding agents and potentially the IRS as having the same adverse tax profile or treatment if they are not otherwise
distinguishable from the STRK Stock subject to such adverse treatment.

SA-18

For example, notwithstanding our intent not to issue any shares of STRK Stock that are fast-pay stock, the IRS could assert that certain shares of STRK Stock constitute fast-pay stock, particularly if they are issued at a premium to their liquidation preference
in their offering. See “—The tax rules applicable to “fast-pay stock” could result in adverse consequences to holders of STRK Stock” above.

Furthermore, if any shares of STRK Stock are issued at a price that exceeds their liquidation preference, such shares would constitute “disqualified
preferred stock” within the meaning of Section 1059(f)(2) of the Code and any corporate U.S. holder generally will be required to reduce its tax basis (but not below zero) in the STRK Stock by the amount of any dividends-received
deduction it receives. Upon ratification of the STRK Amendment, the liquidation preference of the STRK Stock is subject to adjustment in the manner described in the STRK Stock certificate of designations, which adjustments may be taken into account
for purposes of disqualified preferred stock determination. If any shares of STRK Stock issued are considered disqualified preferred stock, the other shares of STRK Stock could also be subject to the same treatment as a practical matter due to
fungible trading.

If any shares of STRK Stock are sold at a discount (or a greater discount that applies to any other shares of STRK Stock), such shares
may be subject to U.S. tax rules (which are similar to the rules governing original issue discount for debt instruments) that require the accrual of such discount (or such greater discount) over the deemed term of the shares. In that event, the IRS
or a withholding agent may treat any such discount as resulting in deemed distributions with respect to all the shares of STRK Stock, including those not issued at a discount (or issued at a lesser discount), which may be taxable before receipt of
any cash payments attributable to any discount with respect to any shares of STRK Stock.

Because the IRS or other