Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 23

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 23
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 A common stock, as described further in this “Risk Factors” section. Additionally, even if we choose to pay dividends on the perpetual strike preferred stock in shares of class A common stock, the number of shares of class A common stock that we are permitted to deliver may be limited as described under “Description of Perpetual Strike Preferred Stock—Regular Dividends—Method of Payment—Regular Dividends Paid Partially or Entirely in Shares of Class A Common Stock.” If we fail to declare and pay full dividends on the perpetual strike preferred stock, then we will be prohibited from paying dividends on our class A common stock and any other junior securities, subject to limited S-18

exceptions. Although we do not currently pay dividends on our class A common stock, we may decide to do so in the future. In that case, a reduction or elimination of dividends on our class A common stock may cause the trading price of our class A common stock to decline, which, in turn, will likely depress the trading price of the perpetual strike preferred stock. Not all events that may adversely affect the trading price of the perpetual strike preferred stock and our class A common stock will result in an adjustment to the conversion rate. The conversion rate is subject to adjustment for certain events, including:

| • |     | certain stock dividends, splits and combinations; |

| • |     | the issuance of certain rights, options or warrants to holders of our class A common stock; |

| • |     | certain distributions of assets, debt securities, capital stock or other property to holders of our class A 
 common stock;                                                                                               |

| • |     | cash dividends on our class A common stock; and |

| • |     | certain tender or exchange offers. |

See “Description of Perpetual Strike Preferred Stock—Conversion Rights—Conversion Rate Adjustments.” We are not required to adjust the conversion rate for other events, such as third-party tender offers or an issuance of class A common stock (or securities exercisable for, or convertible into, class A common stock) for cash, that may adversely affect the trading price of the perpetual strike preferred stock and our class A common stock. An event may occur that adversely affects the preferred stockholders and the trading price of the perpetual strike preferred stock and the underlying shares of our class A common stock but that does not result in an adjustment to the conversion rate. Certain events that can significantly reduce, or eliminate entirely, the option value of the conversion right of the perpetual strike preferred stock will not require an