Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263746
Chunk: 39

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 39
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 or reclassification involving the STRF Stock, in each case unless:

(a) the
STRF Stock either (i) remains outstanding after such consolidation, combination, merger, share exchange or reclassification; or (ii) is converted or reclassified into, or is exchanged for, or represents solely the right to receive,
preference securities of the continuing, resulting or surviving person of such consolidation, combination, merger, share exchange or reclassification, or the parent thereof;

(b) the STRF Stock that remains outstanding or such preference securities, as applicable, have rights, preferences and voting powers that, taken as a whole,
are not materially less favorable (as determined by our board of directors in good faith) to the holders thereof than the rights, preferences and voting powers, taken as a whole, of

SA-23

the STRF Stock immediately before the consummation of such consolidation, combination, merger, share exchange or reclassification; and (c) the issuer of the STRF Stock that remains outstanding or such preference securities, as applicable, is a corporation duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that, if not us, will succeed to us under the certificate of designations and the STRF Stock; and (3) the creation or issuance, or increase in the authorized or issued number, of any dividend senior stock or liquidation senior stock. However, a consolidation, combination, merger, share exchange or reclassification that satisfies the requirements of clauses (a), (b) and (c) of paragraph (2) above will not require any vote or consent pursuant to paragraph (1) above. In addition, each of the following will be deemed not to materially adversely affect the rights, preferences or voting powers of the STRF Stock (or cause any of the rights, preferences or voting powers of any such preference securities to be materially less favorable as described above) and will not require any vote or consent pursuant to any of the preceding clauses (1), (2) or (3):

| • |     | any increase in the number of the authorized but unissued shares of our undesignated preferred stock; |

| • |     | any increase in the number of authorized or issued shares of STRF Stock; and |

| • |     | the creation and issuance, or increase in the authorized or issued number, of any class or series of stock                                                                                        
 (including, for the avoidance of doubt, dividend parity stock or liquidation parity stock),