Company: MSTR
Filing Date: 2025-05-22
Form Type: 424B5
Source: 0001193125-25-124554
Chunk: 31

Company: Strategy Inc
Filing Date: 2025-05-22
Form: 424B5
Chunk 31
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 actions on a timely basis.

S-24

USE OF PROCEEDS

From time to time, we may issue and sell shares of our perpetual strife preferred stock having aggregate sales proceeds of up to $2,100,000,000. Because there
is no minimum offering amount required as a condition to effect this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time.

We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin, and for working capital.

Bitcoin is a highly volatile asset that has traded below $50,000 per bitcoin and above $105,000 per bitcoin in our principal market in the 12 months preceding
the date of this prospectus supplement. Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales. Future fluctuations in bitcoin trading prices may result in our converting bitcoin
purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering, and there can be no assurance as to whether or when we will realize any cash proceeds from our contemplated
acquisition of bitcoin.

We have not determined the amount of net proceeds to be used specifically for any of these purposes. As a result, our management
will have broad discretion in the application of the net proceeds from this offering and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used in a manner of which you approve.

S-25

DESCRIPTION OF PERPETUAL STRIFE PREFERRED STOCK

The following is a summary of certain provisions of our 10.00% Series A Perpetual Strife Preferred Stock (the “perpetual strife preferred stock”).
It is only a summary and is not complete. The terms of our perpetual strife preferred stock are set forth in a certificate of designations (the “certificate of designations”) and our second restated certificate of incorporation (the
“certificate of incorporation”). We qualify this summary by referring you to the certificate of designations and our certificate of incorporation, because they, and not this summary, define your rights as a holder of the perpetual strife
preferred stock. We will provide you, upon written request, with a copy of the certificate of designations, which includes the form of the certificates that will represent the perpetual strife preferred stock, and our certificate of incorporation,
as provided under the caption “Where You Can Find Additional Information; Incorporation