Company: MSTR
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001193125-25-155880
Chunk: 37

Company: Strategy Inc
Filing Date: 2025-07-07
Form: 424B5
Chunk 37
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 on such regular record date will be entitled, notwithstanding such repurchase or redemption, as applicable, to receive, on or, at our election, before such regular dividend payment
date, such declared regular dividend on such share.

Except as described in the preceding paragraph, regular dividends on any share of STRD Stock will
cease to accrue from and after the fundamental change repurchase date or redemption date, as applicable, for such share.

Limitations on Our Ability to Pay Dividends

We may not have sufficient cash to pay regular dividends on the STRD Stock in cash. In addition, applicable law (including the
Delaware General Corporation Law), regulatory authorities, the agreements governing our indebtedness and our dividend senior stock, including our STRK Stock and our STRF Stock, may restrict our ability to pay dividends on the STRD Stock. Similarly,
statutory, contractual or other restrictions may limit our subsidiaries’ ability to pay dividends or make distributions, loans or advances to us to enable us to pay regular dividends on the STRD Stock. See “Risk Factors—Risks Related
to the STRD Stock and This Offering—We may not have sufficient funds to pay dividends in cash on the STRD Stock, or we may choose not to declare or pay dividends on the STRD Stock. In addition, regulatory and contractual restrictions may
prevent us from declaring or paying dividends.”

S-27

Priority of Dividends; Limitation on Junior Payments; No Participation Rights Except as described below under “—Limitation on Dividends on Parity Stock” and “—Limitation on Certain Payments,” the certificate of designations does not prohibit or restrict us or our board of directors from declaring or paying any dividend or distribution (whether in cash, securities or other property, or any combination of the foregoing) on any class or series of our stock, and, unless such dividend or distribution is declared on the STRD Stock, the STRD Stock will not be entitled to participate in such dividend or distribution. For purposes of the descriptions below under the captions “—Limitation on Dividends on Parity Stock” and “—Limitation on Certain Payments,” a regular dividend on the STRD Stock will be deemed to have been paid if such regular dividend is declared and consideration in kind and amount that is sufficient, in accordance with the certificate of designations, to pay such regular dividend is set aside for the benefit of the preferred stockholders entitled thereto. Limitation on Dividends on Parity Stock If less than all