Company: MSTR
Filing Date: 2025-07-31
Form Type: 424B5
Source: 0001193125-25-170517
Chunk: 21

Company: Strategy Inc
Filing Date: 2025-07-31
Form: 424B5
Chunk 21
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/b/a Strategy and not to its subsidiaries; and (ii) “preferred stockholder” refers to a registered holder of the STRC Stock.

Risks Related to the STRC Stock and This Offering

Although the STRC Stock is senior to our class A common stock, class B common stock, STRK Stock and STRD Stock, it is junior to our STRF Stock and our existing and future indebtedness, structurally junior to the liabilities of our subsidiaries and subject to the rights and preferences of any other class or series of preferred stock then outstanding.

If we liquidate, dissolve or wind up, whether voluntarily or involuntarily, then our assets will be available to distribute to our equity holders,
including holders of the STRC Stock, only if all of our then-outstanding indebtedness is first paid in full. The remaining assets, if any, would then be allocated among the holders of our equity securities in accordance with their respective
liquidation rights. Since our STRF Stock is liquidation senior stock, we would be required to pay the amounts due on our STRF Stock in full before making any payments on the STRC Stock. If we issue any additional liquidation senior stock in the
future, then we would also be required to pay the amounts due on such additional liquidation senior stock in full before making any payments on the STRC Stock. If any assets remain after any liquidation senior stock is paid in full, those assets
will be distributed pro rata among holders of the STRC Stock and any other liquidation parity stock then outstanding. There may be insufficient remaining assets available to pay the liquidation preference and any accumulated and unpaid dividends on
the STRC Stock. As of July 29, 2025, excluding intercompany indebtedness, we had approximately $8.24 billion in aggregate principal amount of consolidated indebtedness outstanding. Additionally, as of July 29, 2025, there were
10,512,755 shares of STRF Stock outstanding, and no dividend parity stock or liquidation parity stock outstanding. Our indebtedness and STRF Stock rank senior to the STRC Stock. As of July 29, 2025, there were 263,912,697 shares of class A
common stock outstanding, 19,640,250 shares of class B common stock outstanding, 12,780,784 shares of STRK Stock outstanding, and 11,954,260 shares of STRD Stock outstanding, all of which rank junior to the STRC Stock.

In addition,