Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263759
Chunk: 59

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 59
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 to the non-U.S. holder or sales proceeds received by, or other funds or assets of, the
non-U.S. holder, or require alternative arrangements in respect of such withholding taxes.

Multiple Issuances of STRD Stock—Effect of Fungible Trading

We will issue Offered Shares from time to time under this STRD Stock Annex, and may otherwise issue
shares of STRD Stock (or resell any shares of STRD Stock that we or any of our subsidiaries have purchased or otherwise acquired) from time to time (such issued or resold shares, the “Additional Shares”). If your Offered Shares trade
under the same CUSIP or other identifying number as that of other shares of STRD Stock, those other shares may not be distinguishable from your shares by persons such as subsequent purchasers and withholding agents. If we issue any shares of STRD
Stock—whether Offered Shares or Additional Shares—that have a different, and potentially adverse, tax profile or treatment for U.S. federal income tax purposes from your Offered Shares, such profile or treatment could adversely impact
your Offered Shares because of the inability to distinguish between your Offered Shares and the shares of STRD Stock subject to such adverse treatment. For example, adverse tax treatment of any shares of STRD Stock could negatively impact the
trading price of all shares of STRD Stock in light of fungible trading of all such shares. In addition, the IRS could treat your Offered Shares as subject to the adverse tax consequences applicable to other shares of STRD Stock unless you are able
to demonstrate that you acquired your Offered Shares in a specific offering and did not hold such other shares of the STRD Stock that are subject to adverse consequences. Prospective investors are urged to consult their tax advisors regarding these
tax considerations.

Please also review the discussion below under “Fast-Pay Stock Regulations” for a
discussion about the potential application of those rules to the STRD Stock (including the Offered Shares).

Extraordinary Dividends

If any shares of STRD Stock are treated as being issued at a price that exceeds their liquidation preference, such shares of STRD Stock would constitute
“disqualified preferred stock” for purposes of the extraordinary dividend rules. The liquidation preference of the STRD Stock is subject to adjustment in the manner described in this STRD Stock Annex. It is not entirely clear how such an
adjustable liquidation preference would be treated for purposes of applying the rules governing disqualified preferred stock and extraordinary dividends.