Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 52

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 52
---
 combination of the foregoing.

The certificate of designations
for our STRK Stock does not contain any provision requiring funds to be set aside to protect the liquidation preference of the STRK Stock, even though it is substantially in excess of the par value thereof. As such, we may have no assets or funds
available for payment on the STRK Stock upon our liquidation, dissolution or winding up. See “Risk Factors—Risks Relating to the STRK Stock and This Offering—Although the STRK Stock is senior to our class A common stock, class B
common stock and STRD Stock, it is junior to our existing and future indebtedness, junior to our STRF Stock and STRC Stock, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other series of
preferred stock then outstanding.”

Voting Rights

The STRK Stock has no voting rights except as described below or as provided in our certificate of incorporation or required by the Delaware General
Corporation Law.

Right to Designate up to Two Preferred Stock Directors Upon Regular Dividend Non-PaymentEvents

Generally

If a “regular
dividend non-payment event” (as defined below under the caption “—Definitions”) occurs, then, subject to the other provisions described below, the authorized number of our directors
will automatically increase by one (or we will vacate the offices of one director) and the preferred stockholders, voting together as a single class with the holders of each class or series of voting parity stock, if any, with similar voting rights
regarding the election of directors upon a failure to pay dividends, which similar voting rights are then exercisable, will have the right to elect one director to fill such directorship at our next annual meeting of stockholders (or, if earlier, at
a special meeting of our stockholders called for such purpose) and at each following annual meeting of our stockholders until such regular dividend non-payment event has been cured, at

SA-31

which time such right will terminate with respect to the STRK Stock until and unless a subsequent regular dividend non-paymentevent occurs. However, as a condition to the election of any such director, whom we refer to as a “preferred stock director,” such election must not cause us to violate any rule of any securities exchange or other trading facility on which any of our securities are then listed or qualified for trading requiring that a majority of our directors be independent. We refer to this condition as the “director qualification requirement.”