Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 66

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 66
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 before the second 
 business day immediately after such regular dividend payment date;                                        |

| • |     | if we have specified a fundamental change repurchase date that is after such regular record date and on or before 
 the business day immediately after such regular dividend payment date; or                                         |

| • |     | to the extent of any accumulated dividend in respect of any regular dividend period before the regular dividend 
 period in which such regular record date occurs.                                                                |

Conversion Procedures To convert a beneficial interest in a global certificate, the owner of the beneficial interest must:

| • |     | comply with the depositary procedures for converting the beneficial interest (at which time such conversion will 
 become irrevocable);                                                                                             |

| • |     | if applicable, pay any declared regular dividend payable on the next regular dividend payment date, as described 
 above under the caption “—Treatment of Dividends Upon Conversion;” and                                           |

S-46

| • |     | if applicable, pay any documentary or other taxes as described below under the caption “—Taxes Upon 
 Issuance of Class A Common Stock.”                                                                  |

To convert any share of perpetual strike preferred stock represented by a physical certificate, the holder of such share must:

| • |     | complete, manually sign and deliver to the conversion agent the conversion notice attached to such physical 
 certificate or a facsimile of such conversion notice;                                                       |

| • |     | deliver such physical certificate to the conversion agent (at which time such conversion will become 
 irrevocable);                                                                                        |

| • |     | furnish any endorsements and transfer documents that we or the conversion agent may require; |

| • |     | if applicable, pay any declared regular dividend payable on the next regular dividend payment date, as described 
 above under the caption “—Treatment of Dividends Upon Conversion;” and                                           |

| • |     | if applicable, pay any documentary or other taxes as described below under the caption “—Taxes Upon 
 Issuance of Class A Common Stock.”                                                                  |

We refer to the first business day on which the requirements described above to convert a share of perpetual strike preferred stock are satisfied as the “conversion date.” Settlement Upon Conversion Consideration Due Upon Conversion Upon conversion of any perpetual strike preferred stock, we will deliver, for each share of perpetual strike preferred stock being converted, a number of shares of our class A common stock equal to the conversion rate in effect immediately before the close of business on the conversion date for such conversion. However,