Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 28

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 28
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, notwithstanding our intent not to issue any shares of STRC Stock that are fast-pay stock,
the IRS could assert that certain shares of STRC Stock constitute fast-pay stock. See “—The tax rules applicable to “fast-pay stock” could result
in adverse consequences to holders of STRC Stock” above.

Furthermore, if any shares of STRC Stock are issued at a price that exceeds their
liquidation preference, such shares would constitute “disqualified preferred stock” within the meaning of Section 1059(f)(2) of the Code and any corporate U.S. holder generally will be required to reduce its tax basis (but not below
zero) in the STRC Stock by the amount of any dividends-received deduction it receives. The liquidation preference of the STRC Stock is subject to adjustment in the manner described in this STRC Stock Annex, which adjustment may be taken into account
for purposes of disqualified preferred stock determination. If any shares of STRC Stock issued are considered disqualified preferred stock, the other shares of STRC Stock could also be subject to the same treatment as a practical matter due to
fungible trading.

If any shares of STRC Stock 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 STRC Stock) currently over the deemed term of the shares as deemed distributions under U.S. tax rules similar to those governing original issue discount for debt instruments. In
that event, the IRS or a withholding agent may treat any such discount as resulting in deemed taxable distributions with respect to all shares of STRC Stock, including those not issued at a discount (or issued at a lesser discount).

SA-15

Because the IRS or other parties (such as withholding agents) may not be able to distinguish the shares of
STRC Stock offered or resold from time to time, a holder of STRC Stock might be subject to adverse tax consequences or might be required to demonstrate to the IRS (or such other parties) that the holder purchased the STRC Stock in a specific
offering to which those adverse tax consequences did not apply. Moreover, any adverse tax consequences as described above in connection with the issuance of any Offered Shares or Additional Shares may adversely affect the trading price of the STRC
Stock. See “Material United States Federal Income Tax Considerations” for further discussion.

Provisions of the STRC Stock could delay or prevent an otherwise beneficial takeover of us.

Certain