Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 17

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 17
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 of shares of perpetual strife preferred stock issued in this offering will vary depending on the actual sales prices in this offering. For purposes of this 
 calculation, we have used the number of shares of perpetual strife preferred stock, perpetual strike preferred stock, class B common stock, and class A common stock that were outstanding as of May 20, 2025.                                    |

S-15

RISK FACTORS An investment in the perpetual strife preferred stock involves a high degree of risk. Before deciding whether to invest in the perpetual strife preferred stock, you should carefully consider the risks described below and discussed under the sections captioned “Risk Factors” or “Risk Factor Updates” contained in our most recent Annual Report on Form 10-K,any of our subsequent Quarterly Reports on Form 10-Q,and any of our Current Reports on Form 8-Kthat are incorporated by reference herein, together with other information in this prospectus, the information and documents incorporated by reference in this prospectus, and in any free writing prospectus that we have authorized for use in connection with this offering. If any of these risks actually occurs, our business, financial condition, results of operations or cash flow could be seriously harmed, resulting in a loss of all or part of your investment. As used in this section, (i) “we,” “our” and “us” refer to MicroStrategy Incorporated d/b/a Strategy and not to its subsidiaries; and (ii) “preferred stockholder” refers to a registered holder of the perpetual strife preferred stock. Risks Relating to the Perpetual Strife Preferred Stock and This Offering Although the perpetual strife preferred stock is senior to our class A common stock, class B common stock, and perpetual strike preferred stock, it is junior to our existing and future indebtedness, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other class or series of preferred stock that we may issue in the future. If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then our assets will be available to distribute to our equity holders, including holders of the perpetual strife preferred stock, only if all of our then-outstanding indebtedness is first paid in full. The remaining assets, if any, would then be allocated among the holders of our equity securities in accordance with their respective liquidation rights. If we issue any liquidation parity stock in the future, then the assets available for distribution will be distributed pro rata among holders of the perpetual strife preferred stock and any other liquidation