Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 19

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 19
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 filing a current report on Form 8-K with the SEC.

Notwithstanding our
intent not to issue STRD Stock that would be fast-pay stock, the rules regarding the definition of fast-pay stock are unclear in certain respects and, therefore, the IRS
could disagree with our determination and treat Offered Shares or Additional Shares as fast-pay stock. In addition, even if a particular issuance of Offered Shares or Additional Shares is not fast-pay stock, the treatment of any other shares of STRD Stock—including other Offered Shares or any Additional Shares—as fast-pay stock (for example, as a result
of a determination by the IRS) could result in adverse consequences to holders of all shares of STRD Stock because the shares may be indistinguishable from each other. See “—An issuance of STRD Stock could have an adverse tax profile,
which could subject holders of any other shares of STRD Stock to adverse consequences” below.

SA-10

Accordingly, holders of STRD Stock are strongly urged to consult their tax advisors regarding the Fast-Pay Stock Regulations and their potential consequences to an investment in the STRD Stock.

An issuance of STRD Stock could have an adverse tax profile, which could subject holders of any other shares of STRD Stock to adverse consequences.

If we issue
shares of STRD Stock—whether Offered Shares or Additional Shares—that have a different, and potentially adverse, tax profile or treatment for U.S. federal income tax purposes from your shares of STRD Stock, since all such shares would
trade under the same CUSIP or other identifying number, your shares of STRD 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 STRD Stock subject to such adverse treatment.

For example, notwithstanding our intent not to issue any shares of STRD Stock that
are fast-pay stock, the IRS could assert that certain shares of STRD Stock constitute fast-pay stock. See “—The tax rules applicable to “fast-pay stock” could result in adverse consequences to holders of STRD Stock” above.

Furthermore,
if any shares of STRD 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 STRD Stock by the amount of