Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 22

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 22
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.0 million in aggregate principal amount of 2.25% Convertible Senior Notes due 2032 (“2032 
 Convertible Notes”);                                                                           |

| • |     | $1.010 billion in aggregate principal amount of 0.625% Convertible Senior Notes due 2028 (“2028 
 Convertible Notes”);                                                                            |

| • |     | $3.000 billion in aggregate principal amount of 0% Convertible Senior Notes due 2029 (“2029 Convertible                                                                                               
 Notes” and, together with the 2030A Convertible Notes, the 2030B Convertible Notes, the 2031 Convertible Notes, the 2032 Convertible Notes, and the 2028 Convertible Notes, the “Convertible Notes”); |

| • |     | 12,201,367 shares of STRK Stock; |

| • |     | 10,066,750 shares of STRF Stock; and |

| • |     | 11,764,700 shares of STRD Stock. |

We cannot predict:

| • |     | the size and terms of future issuances of such securities; or |

| • |     | the effect, if any, that future issuances and sales of such securities will have on the trading price of the STRD 
 Stock.                                                                                                            |

Transactions involving newly issued debt, STRD Stock, STRF Stock, STRK Stock, or other series of liquidation senior stock, liquidation parity stock, dividend senior stock or dividend parity stock could result in a decrease in the trading price of our STRD Stock. Holders of STRD Stock may be treated as receiving deemed distributions, and consequently may be subject to tax with respect to the STRD Stock under certain circumstances, even though no corresponding distribution of cash has been made. Under Section 305 of the Internal Revenue Code of 1986, as amended (the “Code”), holders of STRD Stock may be treated as receiving a deemed distribution on the STRD Stock under certain circumstances, including (i) an increase in the liquidation preference of the STRD Stock or (ii) if the STRD Stock is issued at a discount. The liquidation preference of the STRD Stock is subject to adjustment in the manner described in this prospectus supplement, which adjustment may result in an increase in the liquidation preference. Such increase in the liquidation preference could give rise to a deemed dividend to holders of STRD Stock. Although the matter is not entirely clear, we believe