Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 5

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 5
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 on 
 shares of any dividend senior stock (as defined below) then outstanding.                                                                                                                                                                             |

| See “Use of Proceeds” on page SA-13 of this STRD 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 STRD 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.                                                 |

| Stated Amount | $100 per share of STRD Stock. |

| Liquidation Preference | Initially $100 per share of STRD Stock. The liquidation preference is subject to adjustment in the manner described in this STRD Stock Annex. However, the liquidation preference will not be adjusted to an amount that is less than $100 per share 
 of STRD Stock.                                                                                                                                                                                                                                       |

| Regular Dividend Payment Dates | March 31, June 30, September 30 and December 31 of each year. |

| Regular Record Dates | March 15, June 15, September 15 and December 15. For the avoidance of doubt, a holder of any shares of STRD Stock that are issued in this offering after 5:00 p.m., New York City time, on a regular record date relating to a 
 declared regular dividend on the STRD Stock, will not be entitled to receive such regular dividend with respect to such shares.                                                                                                |

| Regular Dividends | Dividends on shares of the STRD Stock are not mandatory. Holders of the STRD Stock will be entitled to receive 
 non-cumulative                                                                                                 |

SA-1

| dividends, which we refer to as “regular dividends,” at a rate per annum equal to 10.00% on the stated amount thereof, out of funds legally available for their payment, only when, as,                                                               
 and if declared by our board of directors or any duly authorized committee thereof. If declared, regular dividends on the STRD Stock will be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each                  
 year. Since regular