Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 42

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 42
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 strike preferred stock outstanding as of the date of this prospectus supplement immediately upon issuance.

Without the consent of any holder, we may, by resolution of our board of directors, increase the total number of authorized shares of perpetual strike
preferred stock, except that in no event will such increase be by an amount that exceeds the total number of authorized and undesignated shares of our preferred stock. In addition, without the consent of any holder of perpetual strike preferred
stock, we may issue additional perpetual strike preferred stock with the same terms as the perpetual strike preferred stock we are offering (except for certain differences, such as the date as of which regular dividends begin to accumulate on, the
first regular dividend payment date for, and transfer restrictions applicable to, such additional perpetual strike preferred stock). Furthermore, without the consent of any holder, we may resell any perpetual strike preferred stock that we or any of
our “subsidiaries” (as defined below under the caption “—Definitions”) has purchased or otherwise acquired. However, such additional or resold perpetual strike preferred stock must be identified by a separate CUSIP number or
by no CUSIP number if they are not fungible, for purposes of federal securities laws or, if applicable, the “depositary procedures” (as defined below under the caption “—Definitions”), with other perpetual strike preferred
stock that is then outstanding. In addition, without the consent of any holder, we may create and issue, or increase the

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authorized or issued number of, any other class or series of stock (including, for the avoidance of doubt, “dividend senior stock” or “liquidation senior stock” (as those
terms are defined below under the caption “—Definitions”)).

Subject to applicable law, we or our subsidiaries may directly or indirectly
repurchase perpetual strike preferred stock in the open market or otherwise, whether through private or public tender or exchange offers, cash-settled swaps or other cash-settled derivatives.

Transfer Agent, Registrar, Conversion Agent and Paying Agent

U.S. Bank Trust Company, National Association is the initial transfer agent, registrar, conversion agent and paying agent for the perpetual strike preferred
stock. However, without prior notice to the preferred stockholders, we may change the transfer agent, registrar, paying agent and conversion agent and we or any of our subsidiaries may choose to act in that capacity as well (except that the transfer
agent, registrar, paying agent or conversion agent with respect to any global certificate must at