Company: MSTR
Filing Date: 2025-03-10
Form Type: 424B5
Source: 0001193125-25-050408
Chunk: 37

Company: Strategy Inc
Filing Date: 2025-03-10
Form: 424B5
Chunk 37
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 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. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary
substantially. Our management may not apply our net proceeds in ways that ultimately increase the value of your investment. The failure by our management to apply these funds effectively could harm our business. If we do not invest or apply the net
proceeds from this offering in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause the market price of our class A common stock and the perpetual strike preferred stock to decline.

We may use the net proceeds from this offering to purchase additional bitcoin, the price of which has been, and will likely continue to be, highly volatile.

We may use the net proceeds from this offering to purchase additional bitcoin. Bitcoin is a highly volatile asset that has
traded below $50,000 per bitcoin and above $105,000 per bitcoin on the Coinbase exchange (our principal market for bitcoin) in the 12 months preceding the date of this prospectus supplement. In addition, bitcoin does not pay interest or other
returns and so the ability to generate a return on investment from the net proceeds from this offering will depend on whether there is appreciation in the value of bitcoin following our purchases of bitcoin with the net proceeds from this offering.
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.

You will not be compensated for the lost option value and lost dividends as a result of conversion upon a fundamental change.

If a “fundamental change” (as defined under the caption “Description of Perpetual Strike Preferred Stock—Definitions”)
occurs, a preferred stockholder may convert its perpetual strike preferred stock at any time before the close of business on the business day immediately before the related fundamental change repurchase date to receive a number of shares of our
class A common stock based on the conversion rate then in effect, as described under the caption “Description of Perpetual Strike Preferred Stock—Conversion Rights.” Except as described under the caption “Description of Perpetual
Strike Preferred Stock—Conversion Rights—Treatment of Dividends Upon Conversion,” regular dividends on any share of perpetual strike preferred stock will cease to

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accumulate from and after the conversion date