Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 8

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 8
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 Series A perpetual strike preferred stock (“STRK Stock”), our 10.00% Series A perpetual strife preferred stock (“STRF Stock”), and 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 then outstanding;                                                                                                                         |

| • |     | we may not have sufficient funds to pay dividends in cash on our STRD Stock, or we may choose not to declare or                          
 pay dividends on our STRD Stock. In addition, regulatory and contractual restrictions may prevent us from declaring or paying dividends; |

| • |     | you may not receive dividends on the STRD Stock, which are discretionary and 
 non-cumulative;                                                              |

| • |     | the STRD Stock has only limited voting rights; |

| • |     | without the consent of any holder of STRD Stock, we may issue preferred stock in the future that ranks equally                                         
 with or senior to our STRD Stock with respect to dividends and liquidation rights, which may adversely affect the rights of holders of our STRD Stock; |

| • |     | future sales, or the perception of future sales, of our debt instruments, STRD Stock, or other classes or series                                 
 of liquidation senior stock, liquidation parity stock, dividend senior stock or dividend parity stock could depress the price of the STRD Stock; |

| • |     | the tax rules applicable to “fast-pay stock” could result in 
 adverse consequences to holders of the STRD Stock;           |

| • |     | an issuance of STRD Stock could have an adverse tax profile, which could subject holders of any other shares of 
 STRD Stock to adverse consequences;                                                                             |

Risks Related to Our Outstanding and Potential Future Indebtedness

| • |     | our level and terms of indebtedness could adversely affect our ability to raise additional capital to further                         
 execute on our bitcoin strategy, fund our enterprise analytics software operations, and take advantage of new business opportunities; |

| • |     | we may be unable to service our indebtedness, which could cause us to default on our debt obligations and could 
 force us into bankruptcy or liquidation;                                                                        |

| • |     | we may not have the ability to raise the funds necessary to settle conversions of our outstanding convertible 
 notes in cash or to repurchase the convertible notes for cash upon a fundamental change, or                   |

S-5

| to repurchase convertible notes if not