Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 34

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 34
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.” Except as described under the caption “Description of STRK Stock—Conversion Rights—Treatment of Dividends Upon Conversion,” regular dividends on any
share of STRK Stock will cease to accumulate from and after the conversion date for such share. The conversion rate will not be increased in connection with a fundamental change to compensate you for the lost option value, or the loss of potentially
receiving future dividends, as a result of converting your STRK Stock upon a fundamental change.

Because the STRK Stock is held in book-entry form, holders of the STRK Stock must rely on DTC’s procedures to exercise their rights and remedies.

We initially issued the STRK Stock, and the
STRK Stock sold in this offering will be initially issued, in the form of “global certificates” registered in the name of Cede & Co., as nominee of DTC. Beneficial interests in global certificates are shown on, and transfers of
global certificates are effected only through, the records maintained by DTC. Except in limited circumstances, we will not issue physical certificates representing the STRK Stock. See “Description of STRK Stock—Book Entry, Settlement and
Clearance.” Accordingly, if you own a beneficial interest in a global certificate, then you will not be considered an owner or holder of the STRK Stock. Instead, DTC or its nominee will be the sole holder of the STRK Stock. Payments of cash
dividends and other cash amounts on global certificates will be made to the paying agent, who will remit the payments to DTC. We expect that DTC will then credit those payments to the DTC participant accounts that hold book-entry interests in the
global certificates and that those participants will credit the payments to indirect DTC participants. Unlike persons who have physical certificates registered in their names, owners of beneficial interests in global certificates will not have the
direct right to act on our solicitations for consents or requests for waivers or other actions from holders of the STRK Stock. Instead, those beneficial owners will be permitted to act only to the extent that they have received appropriate proxies
to do so from DTC or, if applicable, a DTC participant. The applicable procedures for the granting of these proxies may not be sufficient to enable owners of beneficial interests in global certificates to vote on any requested actions on a timely
basis.

Holding STRK Stock does not, in itself, confer any rights with respect to our class A common stock.

Holding STRK Stock does not confer any rights with respect to