Company: MSTR
Filing Date: 2025-05-01
Form Type: 424B5
Source: 0001193125-25-109950
Chunk: 15

Company: Strategy Inc
Filing Date: 2025-05-01
Form: 424B5
Chunk 15
---
. We may use the net proceeds from this offering to purchase additional bitcoin, the price of which has been, and will likely continue to be, highly volatile. We may use the net proceeds from this offering to purchase additional bitcoin. Bitcoin is a highly volatile asset that has traded below $50,000 per bitcoin and above $105,000 per bitcoin on the Coinbase exchange (our principal market for bitcoin) in the 12 months preceding the date of this prospectus. In addition, bitcoin does not pay interest or other returns and so ability to generate a return on investment from the net proceeds from this offering will depend on whether there is appreciation in the value of bitcoin following our purchases of bitcoin with the net proceeds from this offering. 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. Purchasers will experience immediate dilution in the book value per share of the class A common stock purchased in the offering. The shares of class A common stock sold in this offering, if any, will be sold from time to time at various prices. However, we expect that the offering price of our class A common stock will be substantially higher than S-12

the net tangible book value per share of our outstanding class A common stock. Our net tangible book value represents our total assets less our digital assets (which are classified as intangible
assets) and less our total liabilities. After giving effect to the sale of shares of our class A common stock in the aggregate amount of $21,000,000,000 at an assumed offering price of $381.45 per share, the last sale price of our class A common
stock on April 29, 2025 on The Nasdaq Global Select Market, and after deducting estimated commissions and estimated offering expenses, our as adjusted net tangible book value as of March 31, 2025 would have been approximately $10.95
billion, or approximately $36.30 per share. This represents an immediate increase in as adjusted net tangible book value of approximately $76.94 per share to the existing holders of our class A common stock and an immediate dilution in as adjusted
net tangible book value of approximately $345.15 per share to purchasers of our class A common stock in this offering.

Furthermore, the
exercise of outstanding options or the conversion of our outstanding convertible notes or Perpetual Strike Preferred Stock, or the payment of dividends on our Perpetual Strike Preferred Stock