Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 67

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 67
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 clearly demonstrate that you purchased the
Offered Shares in an offering other than one in which shares of STRF Stock are issued at such a price. 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 STRF 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 STRF Stock (including the 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 than the discount that applies to any other shares of STRF Stock) currently over the deemed term of the STRF Stock as deemed distributions under U.S. tax rules similar to those governing original issue discount for debt instruments. Due to
fungible trading of the STRF Stock, the IRS or a withholding agent may treat any such discount as resulting in deemed distributions with respect to all shares of STRF 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 payable to the holder
or sales proceeds received by, or other funds or assets of, such holder, or require alternative arrangements with respect to such withholding taxes.

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 return of the stockholder’s
investment (rather than a return on the stockholder’s investment), then the stock is characterized as “fast-pay stock” and is subject to adverse tax reporting requirements and potentially
penalties, as described below. In addition, under the Fast-Pay Stock Regulations, unless clearly demonstrated otherwise, stock is presumed to be fast-pay stock if it is
structured to have