Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 30

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 30
---
 and circumstances. To determine if it is fast-pay stock, stock is examined when issued, and, for stock that is not fast-pay stock when issued, when there is a significant modification in the terms of the stock or the related agreements or a significant change in the relevant facts and circumstances. The relevant tax regulations
do not indicate the types of significant changes in facts and circumstances that are intended to give rise to such a determination.

We may issue shares
of STRK Stock from time to time under this STRK Stock Annex (the “Offered Shares”) and may otherwise issue shares of STRK Stock (or resell any shares that we or any of our subsidiaries have purchased or otherwise acquired) from time to
time (such issued or resold shares, the “Additional Shares”). We do not intend to issue any shares of STRK Stock that would be treated as fast-pay stock, and we do not believe

SA-17

that we structured the Offered Shares, or will structure any Additional Shares, such that dividends paid by us with respect to the STRK Stock will be economically a return of a
stockholder’s investment. Moreover, we have obtained, and intend to obtain in the future, advice of counsel in connection with offerings of STRK Stock for the purpose of analyzing the consequences of issuing such shares, including in light of
any legal developments regarding the definition of fast-pay stock. It is possible, however, that the Offered Shares or Additional Shares may be issued at a premium above their liquidation preference. Based on
the expected overall circumstances of an offering of the Offered Shares or Additional Shares (such as our general expectation that the value of the conversion option would, at issuance, exceed the amount of any such premium and certain other
factors) (and, upon ratification of the STRK Amendment, as the liquidation preference of the STRK Stock is subject to adjustment in the manner described in the STRK Stock certificate of designations), it is generally not expected that the Offered
Shares or Additional Shares would be issued at such a level of premium above their liquidation preference at the time of sale of such Offered Shares or Additional Shares so as to implication the fast-pay stock rules. Nonetheless, there may be
increased risk that the IRS could assert that such Offered Shares or Additional Shares constitute fast-pay stock.

Transactions involving fast-pay stock arrangements are treated as “listed transactions” for U.S. federal
income tax purposes. Issuers and holders of any shares of fast-pay stock would