Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 60

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 60
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 However, it is possible that such adjustment may be taken into account for purposes of the
disqualified preferred stock determination. Even if your Offered Shares are not issued at such a price, due to fungible trading of the STRD Stock, your Offered Shares may be considered disqualified preferred stock unless you can clearly demonstrate
that you purchased the Offered Shares in an offering other than one in which shares of STRD Stock are issued at such a price. If the Offered Shares held by a corporate U.S. holder were considered disqualified preferred stock (including because such
shares are indistinguishable from other shares of STRD Stock that are disqualified

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preferred stock) for any dividend received, the holder generally will be required to reduce its tax basis (but not below zero) in the Offered Shares with respect to which the dividend is received
by the non-taxed portion of the dividend. Please also review the discussion above under “U.S. Holders—Distributions” for a discussion of extraordinary dividends.

Sales at a Discount

As discussed above under
“U.S. Holders—Deemed Distributions on the Offered Shares,” if shares of STRD Stock (including the Offered Shares) are sold at a discount, such shares may be subject to rules that require the accrual of such discount (or a greater
discount than the discount that applies to any other shares of STRD Stock) currently over the deemed term of the STRD Stock as deemed distributions under U.S. tax rules similar to those governing original issue discount for debt instruments. Due to
fungible trading of the STRD Stock, the IRS or a withholding agent may treat any such discount as resulting in deemed distributions with respect to all shares of STRD Stock, including those not issued at a discount (or issued at a lesser discount).
Because any such deemed distributions received by a holder would not give rise to any cash from which any applicable withholding could be satisfied, we may, at our option (or an applicable withholding agent may) set off such payments against, or
withhold such taxes from, payments of cash to the holder or sales proceeds received by, or other funds or assets of, the holder, or require alternative arrangements in respect of such withholding taxes.

Fast-PayStock Regulations

Under Treasury Regulations promulgated under Section 7701(l) of the Code (the “Fast-Pay Stock
Regulations”), if stock of a corporation is structured such that dividends paid with respect to the stock are economically (in whole