Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001193125-25-263653
Chunk: 8

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B2
Chunk 8
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 |     | We are currently subject to legal actions and proceedings and may be subject to additional proceedings in the             
 future, which could distract our management, harm our reputation and result in substantial costs or judgments against us; |

| • |     | Because of the rights of our two classes of common stock and because Michael J. Saylor, who beneficially owns the                                                                                                                           
 majority of our class B common stock, controls a significant portion of our total voting power, Mr. Saylor has significant influence over matters that require approval of our stockholders and as a result could impede a third party from 
 acquiring us, or limit the ability of our other stockholders to influence corporate matters;                                                                                                                                                |

| • |     | Provisions of our charter, by-laws and Delaware law may have                                                                        
 anti-takeover effects that could prevent a change in control even if the change in control would be beneficial to our stockholders; |

| • |     | Our amended and restated by-laws provide that the Court of Chancery of                                                                                                                                                                                
 the State of Delaware (or, if the Court of Chancery of the State of Delaware does not have jurisdiction, then any other state court located in the State of Delaware, or if no state court located within the State of Delaware has jurisdiction, the 
 federal district court for the District of Delaware) is the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for such disputes      
 with us or our directors, officers or employees;                                                                                                                                                                                                      |

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 to repurchase convertible notes if noteholders exercise their repurchase rights, and any future debt may contain limitations on our ability to engage in 
 cash-settled conversions or repurchases of convertible notes;                                                                                                                                                                                        |

| • |     |