Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263900
Chunk: 25

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 25
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with operating companies in these industries or with companies engaged predominantly in passive investments in bitcoin or other commodities, such as exchange-traded funds. Our equity market capitalization as of December 31, 2024 was well in
excess of our stockholders’ equity calculated in accordance with U.S. GAAP and in excess of valuations that might traditionally be expected based on our operating performance, cash flows and net assets. Investors may therefore be unable to
assess the value our class A common stock or evaluate the risks of an investment in us using traditional or commonly used enterprise valuation methods. We cannot predict how these dynamics may evolve over time, or whether or how long they may last.
These market and industry factors may seriously harm the market price of our class A common stock, regardless of our actual operating performance, resulting in substantial losses for investors in our class A common stock, including holders of any
shares of class A common stock issued upon the conversion of the STRK Stock.

Future sales or other dilution of our class A common stock, including other equity-related securities, could dilute our existing stockholders or otherwise depress the market price of our class A common stock and the STRK Stock.

Future sales of our class A common stock in the public market, or the perception that such sales could occur, or the issuance of class A common stock upon the
conversion of the STRK Stock could negatively impact the market price of our class A common stock, and, accordingly, the trading price of the STRK Stock. The terms of the STRK Stock do not restrict our ability to issue additional STRK Stock, class A
common stock, STRF Stock, STRC Stock, STRD Stock or other equity-related securities in the future. Future sales or issuances of additional STRK Stock, class A common stock or other equity-related securities could be dilutive to holders of STRK
Stock, including purchasers of STRK Stock in this offering and holders of any shares of class A common stock issued upon conversion of the STRK Stock, and could adversely affect their voting and other rights and economic interests, and could have a
similar impact with respect to the STRK Stock. If we issue additional shares of STRK Stock, shares of class A common stock (including as payment for regular dividends on the STRK Stock), or other equity-related securities, the trading price of our
class A common stock and the STRK Stock may decline. We cannot predict the size of future issuances of our class A common stock, STRK Stock