Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 17

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 17
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 voting or consent rights with respect to such event, representing at least a majority of the combined outstanding voting power of the perpetual strike preferred stock and such voting parity stock will be required for certain transactions or 
 events, including (i) certain amendments to our certificate of incorporation or the certificate of designations establishing the terms of the perpetual strike preferred stock; (ii) certain consolidations, combinations and mergers involving          
 us; and (iii) certain binding or statutory share exchanges or reclassifications involving the perpetual strike preferred stock.                                                                                                                          |

| See “Description of Perpetual Strike Preferred Stock—Voting Rights.” |

| Ranking | The perpetual strike preferred stock ranks as follows: |

| • |     | senior to (i) “dividend junior stock” (as defined in this prospectus supplement, and which includes our                                                                                                                                         
 class A common stock) with respect to the payment of dividends; and (ii) “liquidation junior stock” (as defined in this prospectus supplement, and which includes our class A common stock) with respect to the distribution of assets upon our 
 liquidation, dissolution or winding up;                                                                                                                                                                                                         |

| • |     | equally with (i) “dividend parity stock” (as defined in this prospectus supplement) with respect to the 
 payment of dividends;                                                                                   |

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| and (ii) “liquidation parity stock” (as defined in this prospectus supplement) with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to (i) dividend senior stock with respect to the payment of dividends; and (ii) “liquidation                                                  
 senior stock” (as defined in this prospectus supplement) with respect to the distribution of assets upon our liquidation, dissolution or winding up; |

| • |     | junior to our existing and future indebtedness (including all of our issued and outstanding convertible notes); 
 and                                                                                                             |

| • |     | structurally junior to all existing and future indebtedness and other liabilities, including trade payables, and 
 (to the extent we are not a holder thereof) capital stock of our subsidiaries.                                   |

| Our class A common stock and class B common stock constitute dividend junior stock and liquidation junior stock. |

| Transfer Agent, Paying Agent and Conversion Agent for the Perpetual Strike Preferred Stock | U.S. Bank Trust Company, National Association. |

| Listing | The perpetual strike preferred stock is listed on The Nasdaq Global Select