Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 22

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 22
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limited circumstances, we will not issue physical certificates representing the STRF Stock. See “Description of STRF Stock—Book Entry, Settlement and Clearance.” Accordingly, if you own a beneficial interest in a global
certificate, then you will not be considered an owner or holder of the STRF Stock. Instead, DTC or its nominee will be the sole holder of the STRF Stock. Payments of cash dividends and other cash amounts on global certificates will be made to the
paying agent, who will remit the payments to DTC. We expect that DTC will then credit those payments to the DTC participant accounts that hold book-entry interests in the global certificates and that those participants will credit the payments to
indirect DTC participants. Unlike persons who have physical certificates registered in their names, owners of beneficial interests in global certificates will not have the direct right to act on our solicitations for consents or requests for waivers
or other actions from holders of the STRF Stock. Instead, those beneficial owners will be permitted to act only to the extent that they have received appropriate proxies to do so from DTC or, if applicable, a DTC participant. The applicable
procedures for the granting of these proxies may not be sufficient to enable owners of beneficial interests in global certificates to vote on any requested actions on a timely basis.

SA-12

USE OF PROCEEDS

From time to time, we may issue and sell shares of our STRF Stock having aggregate sales proceeds of up to $1,659,967,526.88. Because there is no minimum
offering amount required as a condition to effect this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time.

We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin, and for working capital.

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 STRF 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.