Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 6

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 6
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% Series A Perpetual Strike Preferred Stock, which we refer to as the “STRK Stock,” having an aggregate offering price of up to $20,340,632,356.64. |

| Manner of Offering | “At the market” offering that may be made from time to time through the Agents. See “Plan of Distribution” beginning on page SA-71 of this STRK Stock Annex. |

| Use of Proceeds | We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital, and may also use the net proceeds for the payment of cash dividends declared from time to time on 
 shares of any dividend senior stock (as defined below) then outstanding. See “Use of Proceeds” on page SA-21 of this STRK Stock Annex.                                                                                                               |

| Bitcoin is a highly volatile asset that has traded below $70,000 per bitcoin and above $120,000 per bitcoin in our principal market in the 12 months preceding the date of this STRK Stock Annex. 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.                                     |

| Liquidation Preference | The liquidation preference of the STRK Stock is $100 as of the date of this STRK Stock Annex. On July 7, 2025, we filed a certificate of amendment                                                                                                       
 (the “STRK Amendment”) with the Secretary of State of the State of Delaware to the STRK Stock certificate of designations so that, together with other conforming changes, the STRK Stock has a liquidation preference that is initially $100            
 per share; provided, however, that, effective immediately after the close of business on each business day on or after July 7, 2025 (and, on or after July 7, 2025, if applicable, during the course of a business day on which                          
 any sale transaction to be settled by the issuance of STRK Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the liquidation preference per share of 
 STRK Stock will be adjusted