Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 40

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 40
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 stock (including the voting rights of, and rights to
receive any dividends or other distributions on, our class A common stock). However, holders of the perpetual strike preferred stock are subject to all changes affecting our class A common stock to the extent the trading price of the perpetual
strike preferred stock depends on the market price of our class A common stock and to the extent they receive shares of our class A common stock upon conversion of the perpetual strike preferred stock. For example, if we propose an amendment to our
charter documents that requires the approval of our class A common stockholders but not the approval of the preferred stockholders, then holders of any perpetual strike preferred stock will not, as such, be entitled to vote on the amendment,
although those holders will be subject to any changes implemented by that amendment in the powers, preferences or special rights of our class A common stock.

S-29

USE OF PROCEEDS

From time to time, we may issue and sell shares of our perpetual strike preferred stock having aggregate sales proceeds of up to $21,000,000,000. Because
there is no minimum offering amount required as a condition to effect this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable at this time.

We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital.

Bitcoin is a highly volatile asset that has traded below $50,000 per bitcoin and above $105,000 per bitcoin in our principal market in the 12 months preceding
the date of this prospectus supplement. Bitcoin does not pay interest or other returns and so our ability to generate cash from our bitcoin holdings depends on sales. Future fluctuations in bitcoin trading prices may result in our converting bitcoin
purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering, and there can be no assurance as to whether or when we will realize any cash proceeds from our contemplated
acquisition of bitcoin.

We have not determined the amount of net proceeds to be used specifically for any of these purposes. As a result, our management
will have broad discretion in the application of the net proceeds from this offering and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used in a manner of which you approve.

S-30

DESCRIPTION OF PERPETUAL STRIKE PREFERRED STOCK

The following is a summary of certain provisions of our 8.