Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 49

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 49
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 that the number of shares of junior stock so repurchased does       
 not exceed the related “number of incremental diluted shares” (as defined below under the caption “—Definitions”);                                                                                                                                       |

| • |     | purchases, or other payments in lieu of the issuance, of any fractional share of junior stock in connection with                                   
 the conversion, exercise or exchange of such junior stock or of any securities convertible into, or exercisable or exchangeable for, junior stock; |

| • |     | purchases, or other payments in lieu of the issuance, of any fractional share of dividend parity stock in                                                                            
 connection with the conversion, exercise or exchange of such dividend parity stock or of any securities convertible into, or exercisable or exchangeable for, dividend parity stock; |

| • |     | (x) dividends and distributions of junior stock, or rights to acquire junior stock, pursuant to a stockholder 
 rights plan; and (y) the redemption or repurchase of such rights pursuant to such stockholder rights plan;    |

| • |     | purchases of junior stock or dividend parity stock pursuant to a binding contract (including a stock repurchase                                                                                  
 plan) to make such purchases, if such contract was in effect on the immediately preceding regular dividend payment date and such purchases, if effected immediately before such regular dividend |

SA-29

| payment date, would not have been prohibited by the provision described in the first sentence under this “—Limitation on Certain Payments” section; |

| • |     | the acquisition, by us or any of our subsidiaries, of record ownership of any junior stock or dividend parity                                                                                                                                 
 stock solely on behalf of persons (other than us or any of our subsidiaries) that are the beneficial owners thereof, including as trustee or custodian (or as a result of our acquisition of another person that was, immediately before such 
 acquisition, the record or beneficial owner of such junior stock or dividend parity stock, as applicable, provided such record or beneficial ownership was not obtained in anticipation of such acquisition);                                 |

| • |     | the exchange, conversion or reclassification of dividend parity stock solely for or into junior stock or other          
 dividend parity stock, together with the payment, in connection therewith, of cash in lieu of any fractional share; and |

| • |     | the exchange, conversion or reclassification of junior stock solely for or into other junior stock, together with 
 the payment, in connection therewith, of cash in lieu of any fractional share.                                    |

For the avoidance of