Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 107

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 107
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 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. Even if your Offered Shares is not issued at such a price, due to fungible trading of the STRK Stock, your Offered Shares may be
considered disqualified preferred stock unless you can clearly demonstrate that you purchased the Offered Shares in an offering other than one in which shares of STRK Stock are issued at a price that exceeds their liquidation preference. If the
Offered Shares held by a corporate U.S. holder were considered disqualified preferred stock (including because such shares are indistinguishable from other shares of STRK Stock that are disqualified preferred stock) for any dividend received, the
holder generally will be required to reduce its tax basis (but not below zero) in the Offered Shares with respect to which the dividend is received by the non-taxed portion of the dividend. Please also review
the discussion above under “U.S. Holders—Distributions” for a discussion of extraordinary dividends.

Sales at a Discount

As discussed above under “U.S. Holders—Deemed Distributions on the Offered Shares,” if shares of STRK Stock (including Offered
Shares) are sold at a discount, such shares may be subject to rules that require the accrual of such discount (or a greater discount that applies to any other shares of STRK Stock) currently over the deemed term of the STRK Stock as deemed
distributions under U.S. tax rules similar to those governing original

SA-67

issue discount for debt instruments. Due to fungible trading of the STRK Stock, the IRS or a withholding agent may treat any such discount as resulting in deemed distributions with respect to all
shares of STRK Stock, including those not issued at a discount (or issued at a lesser discount). Because any such deemed distributions received by a holder would not give rise to any cash from which any applicable withholding could be satisfied, an
applicable withholding agent may withhold such taxes from payments of cash or shares of common stock payable to the holder or require alternative arrangements (e.g., deposit for taxes prior to delivery of conversion consideration).

Fast-PayStock Regulations

Under Treasury Regulations promulgated under Section 7701(l) of the Code (the “Fast-Pay Stock
Regulations”), if stock of a corporation is structured such that dividends paid with respect to the stock are economically (in whole or in part) a