Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263719
Chunk: 20

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 20
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 general election of our directors and do not have any additional voting rights (such as the right to elect any
directors to our board of directors) upon the non-payment of regular dividends. Accordingly, the voting provisions of the STRC Stock may not afford you with meaningful protections for your investment.

Without the consent of any holder of our STRC Stock, we may issue preferred stock in the future that ranks equally with or senior to the STRC Stock with respect to dividends and liquidation rights, which may adversely affect the rights of preferred stockholders.

Without the consent of any holder of
STRC Stock, we may authorize and issue preferred stock (including additional STRC Stock or STRF Stock) that ranks equally with or senior to the STRC Stock with respect to the payment of dividends or the distribution of assets upon our liquidation,
dissolution or winding up. If we issue any such preferred stock in the future, the rights of holders of the STRC Stock will be diluted and the value of the STRC Stock may decline. For example, if we issue any dividend senior stock in the future
(including additional STRF Stock), such dividend senior stock could contain (or, in the case of our STRF Stock, does contain) provisions that prohibit us from paying dividends on the STRC Stock or purchasing, redeeming or acquiring the STRC Stock
until and unless we first pay accumulated dividends in full on such dividend senior stock.

A liquid trading market for the STRC Stock may not be maintained.

Although we have listed the STRC Stock on The Nasdaq Global Select Market, a liquid trading market for the STRC Stock may not continue
to develop or be maintained, and the listing may be subsequently withdrawn. Accordingly, you may not be able to sell your STRC Stock at the times you wish to or at favorable prices, if at all.

The liquidity of the trading market, if any, and future trading prices of the STRC Stock will depend on many factors, including, among other things,
prevailing interest rates, the monthly SOFR per annum, our dividend yield, financial condition, results of operations, business, prospects and credit quality relative to our competitors, the market for similar securities and the overall securities
market. Many of these factors are beyond our control.

Market volatility could significantly harm the market for the STRC Stock, regardless of our
financial condition, results of operations, business, prospects or credit quality.

SA-11

The condition of the financial markets, prevailing interest rates and other factors could significantly