Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 83

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 83
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 of Class A Common Stock Change Event”) into consideration that consists solely of U.S. dollars in an amount per share of perpetual strike preferred                    
 stock that equals or exceeds the fundamental change repurchase price per share of perpetual strike preferred stock (calculated (i) assuming that the same includes accumulated and unpaid regular dividends to, but excluding, the latest possible 
 fundamental change repurchase date for such fundamental change; and (ii) without regard to the provision described in the second sentence of the second paragraph under the caption “—Fundamental Change Permits Preferred Stockholders to         
 Require Us to Repurchase Perpetual Strike Preferred Stock—Generally”); and                                                                                                                                                                         |

| • |     | we timely send the notice relating to such class A common stock change event pursuant to the provisions described                                                                                                   
 above under the caption “—Conversion Rights—Effect of Class A Common Stock Change Event—Notice of Class A Common Stock Change Event” and include, in such notice, a statement that we are relying on the provisions 
 described in this “—No Repurchase Right in Certain Circumstances” section.                                                                                                                                          |

S-58

We refer to any fundamental change with respect to which, in accordance with the provisions described above,
we do not offer to repurchase any perpetual strike preferred stock as an “exempted fundamental change.”

No Preemptive Rights

Without limiting the rights of preferred stockholders described above (including in connection with the issuance of class A common stock or reference property
upon conversion of the perpetual strike preferred stock), the perpetual strike preferred stock does not have any preemptive rights to subscribe for or purchase any of our securities.

Calculations

Responsibility; Schedule of Calculations

Except as otherwise provided in the certificate of designations, we will be responsible for making all calculations
called for under the certificate of designations or the perpetual strike preferred stock, including determinations of the conversion rate, the daily VWAP, the regular dividend stock price, the floor price, the last reported sale prices and
accumulated regular dividends on the perpetual strike preferred stock. We will make all calculations in good faith, and, absent manifest error, our calculations will be final and binding on all preferred stockholders. We will provide a schedule of
these calculations to any preferred stockholder or any beneficial owner of any perpetual strike preferred stock upon written request.

Calculations Aggregated for Each Preferred Stockholder

The composition of the consideration due upon conversion of, the payment of the fundamental change repurchase price or redemption price for, and the payment on